Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows: (a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority: (i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account; (ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account; (iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account; (iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer; (v) [reserved]; (vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date; (vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date; (viii) [reserved]; (ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a); (x) [reserved]; (xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and (xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date. (b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. (c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority: (i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account; (ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full; (iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full; (iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and (v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. (d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date. (e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e). (f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 7 contracts
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[reserved];
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, Date and to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 6 contracts
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved]an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved]an amount equal to Class D Monthly Interest for such Distribution Date, plus any Class D Deficiency Amount, plus the amount of any Class D Additional Interest for such Distribution Date, plus the amount of any Class D Additional Interest previously due but not distributed to the Class D Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.11(f) shall be deposited into the Spread Account as provided in Section 4.11(f);
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full;
(vi) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (v) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class D Noteholders on the related Distribution Date until the Class D Note Principal Balance has been paid in full; and
(vvii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivvi) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(iii) on the preceding Transfer Date, to the Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on the preceding Transfer Date and to the Class D Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(viii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance, fourth, to the Class C Noteholders, an amount equal to the Class C Note Principal Balance and fifth, to the Class D Noteholders, an amount equal to the Class D Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders, the Class C Noteholders and the Class B D Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 5 contracts
Samples: Indenture Supplement (World Financial Network Credit Card Master Note Trust), Indenture Supplement (World Financial Network Credit Card Master Note Trust), Indenture Supplement (World Financial Network Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[reserved];
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[reserved];
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full;
(vi) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (v) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class D Noteholders on the related Distribution Date until the Class D Note Principal Balance has been paid in full; and
(vvii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivvi) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance, fourth, to the Class C Noteholders, an amount equal to the Class C Note Principal Balance and fifth, to the Class D Noteholders, an amount equal to the Class D Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders, the Class C Noteholders and the Class B D Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 5 contracts
Samples: Indenture Supplement (World Financial Network Credit Card Master Note Trust), Indenture Supplement (World Financial Network Credit Card Master Note Trust), Indenture Supplement (World Financial Network Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved]an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved]an amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account as provided in Section 4.11(b);
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.12(f) shall be deposited into the Spread Account as provided in Section 4.12(f);
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii), (iii) and (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and
(vvi) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(ii) on the preceding Transfer Date), and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(iii) on and to the preceding Transfer DateClass C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v).
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance, and fourth, to the Class C Noteholders, an amount equal to the Class C Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section subsection 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 4 contracts
Samples: Indenture Supplement (WFN Credit Co LLC), Indenture Supplement (WFN Credit Co LLC), Indenture Supplement (WFN Credit Co LLC)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full;
(vi) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (v) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class D Noteholders on the related Distribution Date until the Class D Note Principal Balance has been paid in full; and
(vvii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivvi) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance, fourth, to the Class C Noteholders, an amount equal to the Class C Note Principal Balance and fifth, to the Class D Noteholders, an amount equal to the Class D Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders, the Class C Noteholders and the Class B D Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 4 contracts
Samples: Indenture Supplement (World Financial Network Credit Card Master Note Trust), Indenture Supplement (World Financial Network Credit Card Master Note Trust), Indenture Supplement (World Financial Network Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[reserved];
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, Date and to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 4 contracts
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved]an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved]an amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account as provided in Section 4.11(b);
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.12(f) shall be deposited into the Spread Account as provided in Section 4.12(f);
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii), (iii) and (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and
(vvi) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(iii) on the preceding Transfer Date and to the Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance, and fourth, to the Class C Noteholders, an amount equal to the Class C Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 4 contracts
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, The Servicer shall apply (if FDNB is the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture TrusteeCollection Account is maintained with FDNB) or shall cause the Trustee to apply, acting in accordance with such instructions, shall withdraw on such Transfer Date or related each Distribution Date, as applicableAvailable Finance Charge Collections, Reallocated Principal Collections and Available Principal Collections on deposit in the Collection Account with respect to such Distribution Date, to make the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Distribution Date, an amount equal to the Available Finance Charge Collections with respect to the related such Distribution Date will shall be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus the amount of any Class A Deficiency AmountMonthly Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of Date and any Class A Additional Interest previously due but not distributed to Class A Noteholders Certificateholders on a prior Distribution Date Date, shall be deposited by distributed to the Servicer or Indenture Trustee into Paying Agent for payment to the Distribution AccountClass A Certificateholders;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus the amount of any Class B Deficiency AmountMonthly Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of Date and any Class B Additional Interest previously due but not distributed to Class B Noteholders Certificateholders on a prior Distribution Date Date, shall be deposited by distributed to the Servicer or Indenture Trustee into Paying Agent for payment to the Distribution AccountClass B Certificateholders;
(iviii) an amount equal to the Noteholder Monthly Servicing Fee for such Transfer Distribution Date, plus the amount of any Noteholder Monthly Servicing Fee previously due but not distributed to the Servicer on a any prior Transfer Distribution Date, shall be distributed to the ServicerServicer (unless such amount has been netted against deposits to the Collection Account in accordance with Section 4.03(a) of the Agreement);
(v) [reserved];
(viiv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Class A Defaulted Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date;
(v) an amount equal to the aggregate amount of Class A Charge-Offs that have not been previously reimbursed shall be treated as a portion of Available Principal Collections for such Distribution Date;
(vi) an amount equal to Class B Subordinated Monthly Interest for such Distribution Date, plus the amount of any Class B Subordinated Monthly Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, plus the amount of any Class B Subordinated Additional Interest for such Distribution Date andand any Class B Subordinated Additional Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, during shall be distributed to the Controlled Accumulation Period or Paying Agent for payment to the Early Amortization Period, deposited into the Principal Account on the related Transfer DateClass B Certificateholders;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) Class B Defaulted Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved]an amount equal to the aggregate amount by which the Class B Invested Amount has been reduced pursuant to clauses (c) and (d) of the definition of "Class B Invested Amount" (but not in excess of the amount of such reductions that have not been previously reimbursed) shall be treated as a portion of Available Principal Collections with respect to such Distribution Date;
(ix) an amount equal to the Collateral Monthly Interest, plus the amount of any Collateral Monthly Interest previously due but not paid to the Collateral Interest Holder on any prior Distribution Date, shall be paid to the Collateral Interest Holder for application in accordance with the Collateral Agreement;
(x) an amount equal to the Collateral Defaulted Amount for such Distribution Date shall be treated as a portion of Available Principal Collections with respect to such Distribution Date;
(xi) if the Reserve Account is being funded, on each Transfer Distribution Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.09(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for aggregate amount by which the related Monthly Period Collateral Invested Amount has been reduced pursuant to clauses (c) and (d) of the definition of "Collateral Invested Amount" (but not in excess of the amount of such reductions that have not been previously reimbursed) shall be treated as Shared a portion of Available Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to such Distribution Date;
(xiii) an amount up to the Controlled Accumulation Period or excess, if any, of the Early Amortization Period, Required Cash Collateral Amount over the remaining Available Cash Collateral Amount shall be deposited into the Cash Collateral Account;
(xiv) an amount equal to the aggregate of any other amounts then due to the Collateral Interest Holder pursuant to the Collateral Agreement (to the extent such amounts are payable pursuant to the Collateral Agreement out of "Available Non-Principal Collections for the related Monthly Period Funds" (as defined therein)) shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.Agreement; and
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Providian National Bank), Pooling and Servicing Agreement (Providian National Bank), Supplement (Providian National Bank)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2012-1 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2012-1 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2012-1 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; and third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 3 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2009-4 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2009-4 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2009-4 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) to pay, on a pari passu basis, the following amounts, to the extent allocated to Series 2018-2 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of $25,000 for each calendar year, (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of $25,000 for each calendar year and (C) the payment to the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar year;
(ii) an amount equal to the Noteholder Servicing Fee for the related Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not paid by the Issuer on a prior Payment Date, shall be paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Distribution Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Payment Date, plus the amount of any Class A Additional Interest previously due but not distributed paid to Class A Noteholders on a prior Distribution Date Payment Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iiiiv) an amount equal to Class B Monthly Interest for such Distribution Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Payment Date, plus the amount of any Class B Additional Interest previously due but not distributed paid to Class B Noteholders on a prior Distribution Date Payment Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ivv) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Noteholder Servicing Fee Class C Additional Interest previously due but not distributed paid to the Servicer Class C Noteholders on a prior Transfer Payment Date, shall be distributed to deposited into the Servicer;
(v) [reserved]Distribution Account;
(vi) [Reserved];
(vii) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vii) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(viiviii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(viii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(x) [reservedReserved]
(xi) without duplication of the amount specified in clause (vii)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xii) [Reserved];
(xixiii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2018-2 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided, that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiv)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2018-2 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xiii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied allocated in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; and third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal to until the Class B Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account full; and third to the Class A Noteholders, C Noteholders until the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)C Note Principal Balance is paid in full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Principal Collections allocated to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series issued pursuant to this Indenture Supplement that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (RFS Holding LLC), Indenture Supplement (Synchrony Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[reserved];
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee Trustee, acting in accordance with the instructions of the Servicer, shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, Date and to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[reserved];
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[reserved];
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee Trustee, acting in accordance with the instructions of the Servicer, shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2009-3 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2009-3 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2009-3 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2010-3 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reservedReserved];
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(ix) [Reserved];
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2010-3 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2010-3 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date ; and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, such Payment Date and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on the preceding Transfer such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, Balance is paid in full; and third, second to the Class B Noteholders, an amount equal to Noteholders until the Class B Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2012-4 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2012-4 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2012-4 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; and third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved]an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to Class C Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to subsection 4.11(f) shall be deposited into the Spread Account as provided in subsection 4.11(f);
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full;
(vi) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (v) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class D Noteholders on the related Distribution Date until the Class D Note Principal Balance has been paid in full; and
(vvii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivvi) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date, and to the Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(v) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance, fourth, to the Class C Noteholders, an amount equal to the Class C Note Principal Balance and fifth, to the Class D Noteholders, an amount equal to the Class D Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders, the Class C Noteholders and the Class B D Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (World Financial Network Credit Card Master Note Trust), Indenture Supplement (World Financial Network Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2011-3 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2011-3 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2011-3 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; and third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2012-7 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2012-7 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2012-7 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; and third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) to pay, on a pari passu basis, the following amounts, to the extent allocated to Series 2017-2 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of $25,000 for each calendar year, (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of $25,000 for each calendar year and (C) the payment to the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar year;
(ii) an amount equal to the Noteholder Servicing Fee for the related Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not paid by the Issuer on a prior Payment Date, shall be paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Distribution Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Payment Date, plus the amount of any Class A Additional Interest previously due but not distributed paid to Class A Noteholders on a prior Distribution Date Payment Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iiiiv) an amount equal to Class B Monthly Interest for such Distribution Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Payment Date, plus the amount of any Class B Additional Interest previously due but not distributed paid to Class B Noteholders on a prior Distribution Date Payment Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ivv) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Noteholder Servicing Fee Class C Additional Interest previously due but not distributed paid to the Servicer Class C Noteholders on a prior Transfer Payment Date, shall be distributed to deposited into the Servicer;
(v) [reserved]Distribution Account;
(vi) an amount equal to Class D Monthly Interest for such Payment Date, plus any Class D Deficiency Amount, plus the Aggregate amount of any Class D Additional Interest for such Payment Date, plus the amount of any Class D Additional Interest previously due but not paid to Class D Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vii) (A) first, an amount equal to the Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vii) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(viiviii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(viii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(x) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.11(e) shall be deposited into the Spread Account;
(xi) without duplication of the amount specified in clause (vii)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xii) [Reserved];
(xiii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2017-2 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided, that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiv)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2017-2 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xiii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied allocated in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and fourth to the Class D Noteholders until the Class D Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date, to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date and to the Class D Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(vi) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal to until the Class B Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account full; third to the Class A Noteholders, C Noteholders until the Class M Noteholders C Principal Balance is paid in full; and fourth to the Class B Noteholders, as applicable, D Noteholders until the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)Class D Note Principal Balance is paid in full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Principal Collections allocated to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series issued pursuant to this Indenture Supplement that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (Synchrony Credit Card Master Note Trust), Indenture Supplement (Synchrony Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2012-6 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2012-6 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2012-6 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; and third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2012-3 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2012-3 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2012-3 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; and third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2010-1 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2010-1 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2010-1 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2012-5 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2012-5 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2012-5 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; and third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2010-2 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2010-2 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2010-2 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved]an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) an amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account as provided in Section 4.11(b);
(ix) [reservedReserved];
(ixx) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(xxi) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.12(f) shall be deposited into the Spread Account as provided in Section 4.12(f);
(xixii) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii), (iii) and (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and
(vvi) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(iii) on the preceding Transfer Date and to the Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance, and fourth, to the Class C Noteholders, an amount equal to the Class C Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (WFN Credit Co LLC), Indenture Supplement (WFN Credit Co LLC)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[reserved];
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[reserved];
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;; and
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;[Reserved.]
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and[Reserved.]
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee Trustee, acting in accordance with the instructions of the Servicer, shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, Noteholders an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2012-2 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2012-2 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2012-2 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; and third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw or deposit and the Indenture Trustee, acting in accordance with such instructions, shall withdraw or deposit on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amount amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to for the related Distribution Date Related Monthly Period will be distributed withdrawn from the Finance Charge Account and distributed, deposited or deposited paid by Indenture Trustee in the following priority:
(i) an amount equal to Class A Monthly Interest Payment for such Distribution Date, plus any Class A Deficiency AmountInterest Shortfall, plus the amount of any Class A Additional Default Interest for such Distribution Date, plus the amount of any Class A Additional Default Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution AccountAccount for distribution to the Class A Noteholders;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest Payment for such Distribution Date, plus any Class B Deficiency AmountInterest Shortfall, plus the amount of any Class B Additional Default Interest for such Distribution Date, plus the amount of any Class B Additional Default Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution AccountAccount for distribution to the Class B Noteholders;
(iviii) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(viv) [reserved]an amount equal to Class C Monthly Interest Payment for such Distribution Date, plus any Class C Interest Shortfall, plus the amount of any Class C Default Interest for such Distribution Date, plus the amount of any Class C Default Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited into the Distribution Account for distribution to the Class C Noteholders;
(viv) an amount equal to the Aggregate sum of the Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, and deposited into the Principal Account on the related Transfer Datefor application pursuant to this Section 4.04;
(viivi) an amount equal to the sum of the aggregate amount amounts of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection clause (viivi) of Section 4.04(a) shall be treated as a portion of Available Principal Collections for such Distribution DateDate and deposited into the Principal Account for application pursuant to this Section 4.04;
(viii) [reserved];
(ixvii) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(xviii) [reserved];
(xi) any amounts designated in writing by the Transferor an amount equal to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balanceexcess, if any, of the Required Spread Account Amount over the Available Spread Account Amount shall be deposited into the Spread Account;
(ix) all remaining amounts will constitute a portion of Excess Finance Charge Collections for such Distribution DateDate to be applied in accordance with Section 4.07;
(x) any other amount required to be paid or deposited under the terms of the Class B Note Purchase Agreement shall be so paid or deposited;
(xi) any other amount required to be paid or deposited under the terms of the Class C Note Purchase Agreement shall be so paid or deposited; and
(xii) any remaining amount to be paid to Transferor.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Related Monthly Period on deposit in the Principal Account shall be withdrawn to be treated as Shared Excess Principal Collections for such Distribution Date and applied in accordance with Section 8.5 4.08 and Section 8.05 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Rapid Amortization Period, an amount equal to the Available Principal Collections for the related Related Monthly Period shall be withdrawn from the Principal Account and distributed or deposited in the following order of priority:
(i) during on each Transfer Date with respect to the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during on each Transfer Date with respect to the Early Rapid Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment distribution ratably to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during on each Transfer Date with respect to the Early Rapid Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment distribution ratably to the Class M B Noteholders on the related Distribution Date until the Class M B Note Principal Balance has been paid in full;
(iv) during on each Transfer Date with respect to the Early Rapid Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment distribution ratably to the Class B C Noteholders on the related Distribution Date until the Class B C Note Principal Balance has been paid in full;
(v) on each Transfer Date, an amount equal to any other amounts payable, first, to the Class B Noteholders under the Class B Note Purchase Agreement and second, to the Class C Noteholders under the Class C Note Purchase Agreement; and
(vvi) in on each Transfer Date with respect to the case of each of the Controlled Accumulation Period and or the Early Rapid Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with giving effect to clauses (i) through (ivv) above shall be retained in the Principal Account to be treated as Shared Excess Principal Collections and applied in accordance with Section 8.5 of the Indenture4.08.
(d) On each Distribution Date, the Indenture Trustee shall pay make distributions from the Distribution Account in accordance with Section 5.2 5.02 as follows: (i) to the Class A Noteholders from the Distribution AccountNoteholders, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.04(a)(i) on the preceding Transfer Date, and (c)(ii); (ii) to the Class M Noteholders from the Distribution AccountB Noteholders, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer DateSection 4.04(a)(ii), and (x) and (c)(iii); and (iii) to the Class B Noteholders from the Distribution AccountC Noteholders, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.04(a)(iv), (xi) on the preceding Transfer Dateand (c)(iv).
(e) On the earlier to occur of (i) the first Transfer Date with respect to during the Early Rapid Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Trustee shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay pay, first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balanceuntil paid in full, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal until paid in full, and, third, to the Class B Note C Noteholders, until paid in full, the amounts deposited into the Principal BalanceAccumulation Account pursuant to Section 4.04(c)(i). The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in In accordance with Section 5.2 5.02, on the related Distribution Date, Indenture Trustee shall pay from the Distribution Account to the Class A Noteholders, the Class M B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited into the Distribution Account for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e4.04(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (First National Funding LLC), Indenture Supplement (First National Funding LLC)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2011-2 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2011-2 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2011-2 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; and third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2011-1 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2011-1 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2011-1 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 2 contracts
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust), Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) on a pari passu and pro rata basis based on the amounts owing to the Class A Noteholders and the Class A Counterparty pursuant to this subsection 4.4(a)(i): (A) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, and (B) any Class A Net Swap Payment for such Distribution Date shall be paid to the Class A Swap Counterparty;
(ii) on a pari passu and pro rata basis based on the amounts owing to the Class M Noteholders and the Class M Counterparty pursuant to this subsection 4.4(a)(ii): (A) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, and (B) any Class M Net Swap Payment for such Distribution Date shall be paid to the Class M Swap Counterparty;
(iii) on a pari passu and pro rata basis based on the amounts owing to the Class B Noteholders and the Class B Counterparty pursuant to this subsection 4.4(a)(iii): (A) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, and (B) any Class B Net Swap Payment for such Distribution Date shall be paid to the Class B Swap Counterparty;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved]an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved]an amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account as provided in Section 4.11(b);
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.12(f) shall be deposited into the Spread Account as provided in Section 4.12(f);
(xi) on a pari passu basis based on the amounts owing to each Counterparty pursuant to this subsection 4.4(a)(xi): (A) an amount equal to any partial or early termination payments or other additional payments owed to the Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class M Counterparty under the Class M Swap shall be paid to the Class M Counterparty, and (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty;
(xii) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii), (iii) and (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and
(vvi) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(ii) on the preceding Transfer Date), and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(iii) on and to the preceding Transfer DateClass C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v).
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance, and fourth, to the Class C Noteholders, an amount equal to the Class C Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section subsection 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply, or shall cause the Indenture Trustee in writing (which writing shall be substantially to apply by written instruction to the Indenture Trustee in the form of Exhibit B) to withdraw and the Indenture TrusteeB attached hereto, acting in accordance with such instructions, shall withdraw on such Transfer Date or related each Distribution Date, Available Finance Charge Collections and Available Principal Collections, as applicablethe case may be, on deposit in the Collection Account with respect to the extent of available funds, related Monthly Period or such Distribution Date to make the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Distribution Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following amounts and priority:
(i) an amount equal to the Monthly Servicing Fee, plus the amount of any Monthly Servicing Fee previously due but not distributed to the Servicer on one or more prior Distribution Dates, shall be distributed to the Servicer (unless such amount has been netted against deposits to the Collection Account in accordance with Section 8.04 of the Master Indenture);
(ii) an amount equal to Class A Monthly Interest for such Distribution Date, plus the amount of any Class A Deficiency AmountMonthly Interest previously due but not distributed to Class A Noteholders on one or more prior Distribution Dates, plus the amount of any Class A Additional Interest for such Distribution DateDates, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a one or more prior Distribution Date Dates, shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal Paying Agent for payment to Class M Monthly Interest for A Noteholders on such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus the amount of any Class B Deficiency AmountMonthly Interest previously due but not distributed to Class B Noteholders on one or more prior Distribution Dates, plus the amount of any Class B Additional Interest for such Distribution DateDates, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a one or more prior Distribution Date Dates, shall be deposited by distributed to the Servicer or Indenture Trustee into the Paying Agent for payment to Class B Noteholders on such Distribution AccountDate;
(iv) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Distribution Date, plus the amount of any Noteholder Servicing Fee Class C Monthly Interest previously due but not distributed to the Servicer Class C Noteholders on a one or more prior Transfer DateDistribution Dates, plus the amount of any Class C Additional Interest for such Distribution Dates, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on one or more prior Distribution Dates shall be distributed to the ServicerPaying Agent for payment to the Class C Noteholders on such Distribution Date;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any the Investor Uncovered Dilution Amount Amount, if any, for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) subparagraph shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiivii) [reserved]upon the occurrence of an Event of Default with respect to Series 2002-1 and acceleration of the maturity of the Series 2002-1 Notes, the balance, if any, up to the outstanding principal amount of the Series 2002-1 Notes will be treated as Available Principal Collections for that Distribution Date for distribution to the Series 2002-1 Noteholders;
(ixviii) on each Transfer Distribution Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.09(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available amount then on deposit in the Reserve Account Amount shall will be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(xix) [reserved];
(xi) an amount equal to any Transition Expenses and other amounts designated in writing the Trust may be liable for from time to time that are not otherwise provided for above will be applied by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructionsTrustee; and
(xiix) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DateDate and will be available for allocation to other Series in Group One or to the Holder of the Transferor Certificates as described in Section 8.07 of the Master Indenture and Section 4.01.
(b) On each Transfer Distribution Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Master Indenture.
(c) On each Transfer Distribution Date with respect to the Controlled Accumulation Period, Available Principal Collections deposited in the Collection Account for the related Monthly Period or shall be deposited in an amount up to the Monthly Principal for such Distribution Date into the Principal Funding Account and any Available Principal Collections remaining after the deposit of the Monthly Principal into the Principal Funding Account shall be treated as Shared Principal Collections and applied in accordance with Section 8.05 of the Master Indenture.
(d) On each Distribution Date with respect to the Early Amortization Period, an amount equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Available Principal Collections for such Transfer Distribution Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal distributed to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date Paying Agent for payment to the Class A Noteholders on the related such Distribution Date and on each subsequent Distribution Date until the Class A Note Principal Balance has been paid in fullreduced to zero;
(iiiii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (iii) above, an amount equal to the Monthly any remaining Available Principal remainingCollections, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment distributed to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date Paying Agent for payment to the Class B Noteholders on the related such Distribution Date and on each subsequent Distribution Date until the Class B Note Principal Balance has been paid reduced to zero;
(iii) after giving effect to the distributions referred to in fullclauses (i) and (ii) above, an amount equal to any remaining Available Principal Collections, if any, shall be distributed to the Paying Agent for payment to the Class C Noteholders on such Distribution Date and on each subsequent Distribution Date until the Class C Note Principal Balance has been reduced to zero; and
(viv) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iviii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Master Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Distribution Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Final Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Funding Account and deposit into the Distribution Account amounts necessary to pay first, distribute to the Class A Noteholders, an amount equal Paying Agent for payment to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the (i) Class A Noteholders, the amounts deposited into the Principal Funding Account pursuant to Section 4.03(d)(i) until the Class M Noteholders A Notes are paid in full and the then (ii) Class B Noteholders, as applicable, the any remaining amounts deposited for the account of such Noteholders into the Distribution Principal Funding Account pursuant to this Section 4.4(e)4.03(d)(ii) until the Class B Notes are paid in full.
(f) As of any Distribution Date during The Controlled Accumulation Period is scheduled to commence on August 1, 2006; provided, however, that, if the Accumulation Period Length (determined as described below) is less than eight months, the date on which the Controlled Accumulation Period or Early Amortization Periodactually commences will be delayed to the first Business Day of the month that is the number of whole months prior to the Expected Final Principal Payment Date at least equal to the Accumulation Period Length and, as a result, the Collateral Amount shall number of Monthly Periods in the Controlled Accumulation Period will at least equal the Accumulation Period Length. On the Determination Date immediately preceding the July 2006 Distribution Date, and each Determination Date thereafter until the Controlled Accumulation Period begins, the Servicer will determine the "Accumulation Period Length", which will equal the number of whole months such that the sum of the Accumulation Period Factors for each month during such period will be reduced by equal to or greater than the Surplus Collateral AmountRequired Accumulation Factor Number; provided, however, that the Accumulation Period Length will not be determined to be less than one month; provided further, however, that the determination of the Accumulation Period Length may be changed at any time if the Rating Agency Condition is satisfied.
Appears in 1 contract
Samples: Indenture Supplement (Nordstrom Inc)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal on a pari passu basis (A) the payment to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the RFS Funding Trustee of the accrued and unpaid fees and other amounts owed to the RFS Funding Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year, (C) the payment to Class A Noteholders on the Trustee of the accrued and unpaid fees and other amounts owed to Trustee up to a prior Distribution Date shall be deposited by maximum amount of $25,000 for each calendar year and (D) the Servicer or Indenture Trustee into payment to the Distribution Account;Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar year.
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) on a pari passu basis (A) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, [and (B) any Class A Net Swap Payments for such Payment Date and any unpaid Class A Net Swap Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be paid to the Class A Counterparty];
(iv) on a pari passu basis (A) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) [any Class B Net Swap Payment for such Payment Date shall be paid to the Class B Counterparty and any unpaid Class B Net Swap Payments owed to the Class B Counterparty in respect of any prior Payment Date];
(v) on a pari passu basis (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, [reservedand (B) any Class C Net Swap Payment for such Payment Date and any unpaid Class C Net Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty]; provided, however, that, in the event that the sum of Class C Monthly Interest exceeds the amount of Available Finance Charge Collections available (after giving effect to Sections 4.4(a)(i) through (iv) above) to fund such Class C Monthly Interest and Class C Additional Interest, a draw will be made from amounts available for distribution in the Spread Account (at the times and in the amounts specified in Section 4.11) and shall be deposited into the Distribution Account for payment to the Class C Noteholders on such Payment Date in accordance with this Section 4.4(a)(v);
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Transfer Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(d), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(d) shall be deposited into the Spread Account;
(x) [reserved]on a pari passu basis (A) an amount equal to any partial or early termination payments or other additional payments owed to the Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xi) on a pari passu basis any amounts designated owed to such Persons listed in writing by the Transferor clause (i) above and not paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor shall first be used to pay Monthly Principal to the extent not paid in full pursuant to Section 4.4(c), and any amounts remaining after payment in full of the Monthly Principal shall be paid to the Issuer in respect of the Ownership Interest.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on such Transfer Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer the related Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the excess, if any, of the Excess Collateral Amount over the Required Excess Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on the preceding Transfer Date and to the Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on the related Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As The Issuer shall distribute any funds received in respect of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodOwnership Interest to RFS Holding, L.L.C. as a distribution on RFS Holding, L.L.C.’s beneficial interest in the Collateral Amount shall be reduced by the Surplus Collateral AmountIssuer.
Appears in 1 contract
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Funding Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to the unpaid Class A Monthly Interest for such Distribution DateDate shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class A Noteholders in accordance with Section 6.2;
(ii) an amount equal to the unpaid Class A Non-Use Fee, if any, not paid by the Transferor pursuant to the Class A Note Purchase Agreement for the related Distribution Period plus any Class A Deficiency AmountNon-Use Fee due but not paid to the Class A Noteholders on any prior Distribution Date shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class A Noteholders in accordance with Section 6.2;
(iii) an amount equal to the Class A Rated Additional Amounts, if any, for the related Distribution Period plus the amount of any Class A Rated Additional Interest Amounts due but not paid to the Class A Noteholders on any prior Distribution Date shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class A Noteholders in accordance with Section 6.2;
(iv) an amount equal to the Noteholder Servicing Fee for such Distribution Transfer Date, plus the amount of any Class A Additional Interest Noteholder Servicing Fee previously due but not distributed to Class A Noteholders the Servicer on a prior Distribution Date Transfer Date, shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution AccountServicer;
(iiv) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iiivi) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ivvii) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Noteholder Servicing Fee Class C Additional Interest previously due but not distributed to the Servicer Class C Noteholders on a prior Transfer Date, Distribution Date shall be distributed to deposited by the ServicerServicer or Indenture Trustee into the Distribution Account;
(v) [reserved];
(viviii) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Amortization Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date to the extent needed to pay Monthly Principal on the related Distribution Date;
(viiix) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection clause (viiix) shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Amortization Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date to the extent needed to pay Monthly Principal on the related Distribution Date;
(viiix) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of amounts required to be deposited in the Required Reserve Spread Account Amount over the Available Reserve Account Amount pursuant to subsection 5.10(f) shall be deposited into the Reserve Spread Account as provided in Section 4.10(asubsection 5.10(f);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor an amount equal to the Servicer and Indenture Trustee as amounts to aggregate Class A Unrated Additional Amounts will be paid from to the Class A Noteholders; and, in the event of any shortfall in the amount of Available Finance Charge Collections available for distribution in respect of Class A Unrated Additional Amounts, (x) the Available Finance Charge Collections shall be paid allocated ratably to each Class A Ownership Tranche in accordance with its Class A Principal Balance and (y) any Available Finance Charge Collections allocated pursuant to clause (x) to any Class A Ownership Tranche in excess of its Class A Unrated Additional Amounts shall be reallocated to each Class A Ownership Tranche that has a remaining shortfall in the Available Finance Charge Collections allocated to it pursuant to clause (xii) in order to cover its Class A Unrated Additional Amounts, which reallocation shall be made ratably in accordance with the Transferor's instructionsportion of the Principal Balances of all remaining Class A Ownership Tranches represented by the Principal Balance of such remaining Class A Ownership Tranche;
(xii) an amount equal to any payments owed to any Class M Noteholders or any other Person pursuant to any Class M Note Purchase Agreement shall be paid to such Class M Noteholder or other Person;
(xiii) an amount equal to any payments owed to any Class B Noteholders or any other Person pursuant to the Class B Note Purchase Agreement shall be paid to such Class B Noteholder or other Person;
(xiv) an amount equal to any payments owed to any Class C Noteholders or any other Person pursuant to the Class C Note Purchase Agreement shall be paid to such Class C Noteholder or other Person; and
(xiixv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to During the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall will be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Amortization Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Class A Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Class M Monthly Principal remainingPrincipal, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Class B Monthly Principal remainingPrincipal, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(iv) an amount equal to the Class C Monthly Principal, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 6.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iclauses 5.4(a)(i) through (iii) and (xi) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiclauses 5.4(a)(v) on the preceding Transfer Dateand (xii), and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiclauses 5.4(a)(vi) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (iixiii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay C Noteholders from the Distribution Account to the Class A NoteholdersAccount, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts amount deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(eclauses 5.4(a)(vii) and (xiv).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2009-1 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2009-1 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2009-1 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply, or shall cause the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and apply, by written instruction to the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution each Payment Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Available Finance Charge Account, Collections and Available Principal Collections with respect to such Payment Date to make the Principal Account, the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution such Payment Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Payment Date, plus the amount of any Class A Deficiency AmountMonthly Interest previously due but not distributed to Class A Noteholders on a prior Payment Date, plus the amount of any Class A Additional Interest for such Distribution Payment Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date Payment Date, shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution AccountPaying Agent for payment to Class A Noteholders on such Payment Date;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Payment Date, plus the amount of any Class B Deficiency AmountMonthly Interest previously due but not distributed to Class B Noteholders on a prior Payment Date, plus the amount of any Class B Additional Interest for such Distribution Payment Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date Payment Date, shall be deposited by distributed to the Paying Agent for payment to Class B Noteholders on such Payment Date;
(iii) (A) an amount equal to 87.5% of the Monthly Servicing Fee for such Payment Date, plus the amount of any Monthly Servicing Fee previously payable pursuant to this clause (iii) for a prior Payment Date but not paid to the Servicer, shall be paid to the Servicer if the Servicer is ABC, an Affiliate of ABC or the Indenture Trustee into Trustee, and (B) an amount equal to 100% of the Distribution AccountMonthly Servicing Fee for such Payment Date, plus the amount of any Monthly Servicing Fee previously payable pursuant to this clause (iii) for a prior Payment Date but not paid to the Servicer, shall be paid to the Servicer if the Servicer is any other Person (in each case, unless such amount has been netted against deposits to the Collection Account in accordance with Section 8.04 of the Indenture);
(iv) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Payment Date, plus the amount of any Noteholder Servicing Fee Class C Monthly Interest previously due but not distributed to the Servicer Class C Noteholders on a prior Transfer Payment Date, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Payment Date shall be distributed to the ServicerPaying Agent for payment to the Class C Noteholders on such Payment Date; provided, however, that, in the event that the sum of Class C Monthly Interest exceeds the amount of Available Finance Charge Collections available (after giving effect to subsections 4.04(a)(i) through (iii) above) to fund such Class C Monthly Interest and Class C Additional Interest, a draw will be made from amounts available for distribution in the Cash Collateral Account (at the times and in the amounts specified in Section 4.11) and shall be distributed to the Paying Agent for payment to the Class C Noteholders on such Payment Date in accordance with this subsection 4.04(a)(iv);
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount Amount, if any, for such Distribution Date the related Monthly Period shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Payment Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection subparagraph (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date;
(viii) [reserved];
(ixvii) on each Transfer Payment Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(viii) an amount equal to Class D Monthly Interest for such Payment Date, plus the amount of any Class D Monthly Interest previously due but not distributed to the Class D Noteholders on a prior Payment Date, plus the amount of any Class D Additional Interest for such Payment Date, plus the amount of any Class D Additional Interest previously due but not distributed to the Class D Noteholders on a prior Payment Date shall be distributed to the Paying Agent for payment to the Class D Noteholders on such Payment Date; provided, however, that, in the event that the sum of Class D Monthly Interest exceeds the amount of Available Finance Charge Collections available (after giving effect to subsections 4.04(a)(i) through (vii) above) to fund such Class D Monthly Interest and Class D Additional Interest, a draw will be made from amounts available for distribution in the Cash Collateral Account (at the times and in the amounts specified in Section 4.11) and shall be distributed to the Paying Agent for payment to the Class D Noteholders on such Payment Date in accordance with this subsection 4.04(a)(viii);
(ix) an amount equal to the amounts required to be deposited in the Cash Collateral Account pursuant to Section 4.11(f) shall be deposited into the Cash Collateral Account as provided in Section 4.10(a4.11(f);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Payment Date and will be available for allocation to other Series in Group One as described in Section 8.08 of the Indenture; and
(xi) to the extent not applied as set forth in clause (x), any remaining amounts will be paid to the holders of Trust Beneficial Interests or Certificates; provided, however, that if the Indenture Trustee is acting as Servicer, the Indenture Trustee shall first have the right to set-off against such amounts, amounts owed to the Indenture Trustee as a result of any Servicer Interchange Shortfall for such Payment Date, plus the amount of any Servicer Interchange Shortfall previously payable pursuant to this clause (xi) for a prior Payment Date but not paid to the Indenture Trustee. Such set-off will be achieved with respect to any Payment Date by increasing the amount of compensation payable to the Indenture Trustee pursuant to Section 6.07 of the Indenture by the lesser of (A) the amount of funds remaining under this clause (xi) for such Payment Date and (B) the Servicer Interchange Shortfall for such Payment Date, plus the amount of any Servicer Interchange Shortfall payable pursuant to this clause (xi) for a prior Payment Date but not paid to the Indenture Trustee.
(b) On each Transfer Payment Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(c) On each Transfer Payment Date with respect to during the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Payment Date shall be deposited into the Principal Accumulation Funding Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Payment Date shall be deposited into distributed to the Distribution Account on such Transfer Date and on each subsequent Transfer Date Paying Agent for payment to the Class A Noteholders on the related Distribution such Payment Date and on each subsequent Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to Class A Note Principal Balance has been paid in clause (ii) abovefull, an amount equal to the Monthly Principal remaining, if any, shall be deposited into distributed to the Distribution Account Paying Agent for payment to the Class B Noteholders on such Transfer Payment Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Payment Date until the Class M B Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to Class A Note Principal Balance and the Class B Note Principal Balance have been paid in clauses (ii) and (iii) abovefull, an amount equal to the Monthly Principal remaining, if any, shall be deposited into distributed to the Distribution Account Paying Agent for payment to the Class C Noteholders on such Transfer Payment Date and on each subsequent Transfer Payment Date until the Class C Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance have been paid in full, an amount equal to the Monthly Principal remaining, if any, shall be distributed to the Paying Agent for payment to the Class B D Noteholders on the related Distribution such Payment Date and on each subsequent Payment Date until the Class B D Note Principal Balance has been paid in full; and
(vvi) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses clause (i) through or (ivv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to during the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Final Principal Payment Date, the Indenture Trustee, acting in accordance with written instructions from the Servicer, shall withdraw from the Principal Accumulation Funding Account and deposit into the Distribution Account amounts necessary to pay first, distribute to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account Paying Agent for payment to the Class A Noteholders, the Class M B Noteholders, the Class C Noteholders and the Class B D Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Principal Funding Account pursuant to this Section 4.4(esubsection 4.04(c)(i).
(fe) As The Controlled Accumulation Period is scheduled to commence at the close of any Distribution Date during business on May 31, 2005; provided, however, that, if the Accumulation Period Length (determined as described below) is less than 8 months, the date on which the Controlled Accumulation Period or Early Amortization Periodactually commences will be delayed to the first Business Day of the month that is the number of whole months prior to the Expected Final Principal Payment Date at least equal to the Accumulation Period Length and, as a result, the Collateral Amount shall number of Monthly Periods in the Controlled Accumulation Period will at least equal the Accumulation Period Length. On the Determination Date immediately preceding the Reserve Account Funding Date, and each Determination Date thereafter until the Controlled Accumulation Period begins, the Servicer will determine the "ACCUMULATION PERIOD LENGTH" which will equal the number of whole months such that the sum of the Accumulation Period Factors for each month during such period will be reduced by equal to or greater than the Surplus Collateral AmountRequired Accumulation Factor Number; provided, however, that the Accumulation Period Length will not be determined to be less than one month; provided further, however, that the determination of the Accumulation Period Length may be changed at any time if the Rating Agency Condition is satisfied.
Appears in 1 contract
Samples: Indenture Supplement (Advanta Business Recievables Corp)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw or deposit, and the Indenture Trustee, acting in accordance with such instructions, shall withdraw or deposit on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Funding Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest Payment for such Distribution Date, plus the Commitment Fee for Class A for such Distribution Date, plus any Class A Deficiency AmountInterest Shortfall, plus the amount of any Class A Additional Default Interest for such Distribution Date, plus the amount of any Class A Additional Default Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date Date, shall be withdrawn from the Finance Charge Account and deposited by the Servicer or Indenture Trustee into the Distribution AccountAccount for distribution to the Class A Noteholders (to each Class as calculated pursuant to Section 4.02(a)); provided, that if the amount available for distribution pursuant to this subsection (a)(i) is insufficient to make such distributions in full, the amount available shall be distributed ratably to the Holders of Class A-1 Notes and Class A-2 Notes based on their respective Pro Rata Shares; provided, further, that the amount distributed pursuant to this subsection 4.04(a)(i) shall not exceed the Benchmark Amount for the Class A Notes;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(iii) an amount equal to the Senior Cost Amount for the Class A Notes for such Transfer Date shall be withdrawn from the Finance Charge Account and deposited to the Distribution Account for distribution to the Funding Agents pursuant to Section 5.02; provided, that if the amount available for distribution pursuant to this subsection (a)(iii) is insufficient to make such distributions in full, the amount available shall be distributed ratably to the Funding Agents based on the respective Pro Rata Shares of the Class A Notes held by each Funding Group;
(iv) an amount equal to the Class B Monthly Interest Payment for such Distribution Date, plus the Commitment Fee for Class B for such Distribution Date, plus any Class B Interest Shortfalls, plus the amount of any Class B Default Interest for such Distribution Date, plus the amount of any Class B Default Interest previously due but not distributed on a prior Distribution Date shall be withdrawn from the Finance Charge Account and deposited into the Distribution Account for distribution to the Class B Noteholders (to each Class as calculated pursuant to Section 4.02(a)); provided, that if the amount available for distribution pursuant to this subsection (a)(iv) is insufficient to make such distributions in full, the amount available shall be distributed ratably to the Holders of Class B-1 Notes and Class B-2 Notes based on their respective Pro Rata Shares; provided, further, that the amount distributed pursuant to this subsection 4.04(a)(iv) shall not exceed the Benchmark Amount for the Class B Notes;
(v) [reserved]an amount equal to the Senior Cost Amount for the Class B Notes for such Transfer Date shall be withdrawn from the Finance Charge Account and deposited to the Distribution Account for distribution to the Funding Agents pursuant to Section 5.02; provided, that if the amount available for distribution pursuant to this subsection (a)(v) is insufficient to make such distributions in full, the amount available shall be distributed ratably to the Funding Agents based on the respective Pro Rata Shares of the Class B Notes held by each Funding Group;
(vi) an amount equal to the Aggregate Investor Default Amount for the related Monthly Period, if any, and any Investor the Uncovered Dilution Amount Amount, if any, for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during and withdrawn from the Controlled Accumulation Period or the Early Amortization Period, Finance Charge Account and deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date and withdrawn from the Finance Charge Account and deposited into the Principal Account on the related Transfer Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Spread Account Amount over the Available Reserve Spread Account Amount shall be deposited into the Reserve Spread Account;
(ix) any amounts not distributed pursuant to subsection 4.04(a)(i) because of the second proviso in such subsection, which have not been distributed pursuant to subsection 4.04(a)(iii) as part of the Senior Cost Amount for the Class A Notes, shall be withdrawn from the Finance Charge Account and deposited into the Distribution Account for distribution to the Class A Noteholders (to each Class as provided calculated pursuant to Section 4.02(a)); provided, that if the amount available for distribution pursuant to this subsection (a)(ix) is insufficient to make such distributions in Section 4.10(a)full, the amount available shall be distributed ratably to the Holders of Class A-1 Notes and Class A-2 Notes based on their respective Pro Rata Shares;
(x) [reserved]any amounts not distributed pursuant to subsection 4.04(a)(iv) because of the second proviso in such subsection, which have not been distributed pursuant to subsection 4.04(a)(v) as part of the Senior Cost Amount for the Class B Notes, shall be withdrawn from the Finance Charge Account and deposited into the Distribution Account for distribution to the Class B Noteholders (to each Class as calculated pursuant to Section 4.02(a)); provided, that if the amount available for distribution pursuant to this subsection (a)(x) is insufficient to make such distributions in full, the amount available shall be distributed ratably to the Holders of Class B-1 Notes and Class B-2 Notes based on their respective Pro Rata Shares;
(xi) an amount equal to any other amounts designated in writing by the Transferor payable to the Servicer and Indenture Trustee as amounts to Funding Agents, the VFN Series 2003-3 Noteholders, the Support Providers or any other Person under Section 4.15, or under the Note Purchase Agreements or the Fee Letters, shall be paid withdrawn from Available the Finance Charge Collections Account and deposited to the Distribution Account for distribution to the Funding Agents pursuant to Section 4.15; provided, that if the amount available for distribution pursuant to this subsection (a)(xi) is insufficient to make such distributions in full, the amount available shall be paid in accordance with distributed ratably to the Transferor's instructionsFunding Agents based on the respective Pro Rata Shares of the Classes of Notes held by each Funding Group; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period Distribution Date shall be distributed or deposited in the following priority:
(i) an amount equal to the Funding Account Deficiency, if any, shall be deposited to the Funding Account; and
(ii) an amount equal to the balance, if any, of such Available Principal Collections shall be treated as Shared Excess Principal Collections and applied in accordance with Section 8.5 of the Indenturefor such Distribution Date.
(c) On the Transfer Date relating to the Monthly Period during which the Amortization Period begins and each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Periodthereafter, an amount equal to the Available Principal Collections for the related Monthly Period Distribution Date shall be distributed or deposited in the following order of priority:
(i) during an amount equal to Class A Monthly Principal for such Distribution Date shall be withdrawn from the Controlled Accumulation PeriodPrincipal Account and deposited to the Distribution Account for distribution ratably to the Holders of the Class A-1 Notes and the Class A-2 Notes, based on their respective Pro Rata Shares;
(ii) an amount equal to the Class B Monthly Principal for such Transfer Distribution Date shall be deposited into withdrawn from the Principal Accumulation AccountAccount and deposited to the Distribution Account for distribution ratably to the Holders of the Class B-1 Notes and Class B-2 Notes, based on their respective Pro Rata Shares;
(iiiii) during an amount equal to all other amounts then due and payable by Issuer to the Early Amortization PeriodFunding Agents, the VFN Series 2003-3 Noteholders, the Support Providers or any other Person under or in connection with this Indenture Supplement, the Note Purchase Agreements and the Fee Letters shall be withdrawn from the Principal Account and deposited to the Distribution Account for distribution to the Funding Agents pursuant to Section 4.15; and
(iv) an amount equal to the Monthly balance, if any, of such Available Principal Collections for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause paragraphs (ii) abovei), an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Excess Principal Collections and applied in accordance with Section 8.5 of the IndentureCollections.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2006-1 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) on a pari passu basis based on the amounts owing to the Class B Noteholders and each Class B Counterparty pursuant to this Section 4.4(a)(iv): (A) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class B Net Swap Payment for such Payment Date shall be paid to the Class B Counterparty and any unpaid Class B Net Swap Payments owed to the Class B Counterparty in respect of any prior Payment Date;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and each Class C Counterparty pursuant to this Section 4.4(a)(v): (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, and (B) any Class C Net Swap Payment for such Payment Date and any unpaid Class C Net Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes issued on any date prior to September 22, 2004 and any Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) on a pari passu basis (A) an amount equal to any amounts designated in writing by the Transferor partial or early termination payments or other additional payments owed to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series 2006-1 pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2006-1 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer in respect of the Ownership Interest.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As The Issuer shall distribute any funds received in respect of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodOwnership Interest to RFS Holding, L.L.C. as a distribution on RFS Holding, L.L.C.’s beneficial interest in the Collateral Amount shall be reduced by the Surplus Collateral AmountIssuer.
Appears in 1 contract
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) to pay, on a pari passu basis, the following amounts, to the extent allocated to Series 20[●]-[●] pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of $25,000 for each calendar year, (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of $25,000 for each calendar year and (C) the payment to the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar year;
(ii) an amount equal to the Noteholder Servicing Fee for the related Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not paid by the Issuer on a prior Payment Date, shall be paid to the Servicer;
(iii) [on a pari passu basis based on the amounts owing to the Class A Noteholders and each Class A Counterparty pursuant to this Section 4.4(a)(iii: (A)] an amount equal to Class A Monthly Interest for such Distribution Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Payment Date, plus the amount of any Class A Additional Interest previously due but not distributed paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account [and (B) any Class A Net Derivatives Payments for such Payment Date and any unpaid Class A Net Derivatives Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be deposited by paid to the Servicer or Indenture Trustee into the Distribution AccountClass A Counterparty];
(iiiv) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders [on a prior Distribution Date shall be deposited by pari passu basis based on the Servicer or Indenture Trustee into amounts owing to the Distribution Account;
Class B Noteholders and each Class B Counterparty pursuant to this Section 4.4(a)(iv): (iii) A)] an amount equal to Class B Monthly Interest for such Distribution Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Payment Date, plus the amount of any Class B Additional Interest previously due but not distributed paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account [and (B) any Class B Net Derivatives Payment for such Payment Date shall be deposited by paid to the Servicer or Indenture Trustee into Class B Counterparty and any unpaid Class B Net Derivatives Payments owed to the Distribution AccountClass B Counterparty in respect of any prior Payment Date];
(ivv) [on a pari passu basis based on the amounts owing to the Class C Noteholders and each Class C Counterparty pursuant to this Section 4.4(a)(v): (A)] an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Noteholder Servicing Fee Class C Additional Interest previously due but not distributed paid to the Servicer Class C Noteholders on a prior Transfer Payment Date, shall be distributed deposited into the Distribution Account [and (B) any Class C Net Derivatives Payment for such Payment Date and any unpaid Class C Net Derivatives Payments owed to the Servicer;
(v) [reservedClass C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty];
(vi) [on a pari passu basis based on the amounts owing to the Class D Noteholders and each Class D Counterparty pursuant to this Section 4.4(a)(vi): (A)] an amount equal to Class D Monthly Interest for such Payment Date, plus any Class D Deficiency Amount, plus the amount of any Class D Additional Interest for such Payment Date, plus the amount of any Class D Additional Interest previously due but not paid to Class D Noteholders on a prior Payment Date shall be deposited into the Distribution Account [and (B) any Class D Net Derivatives Payment for such Payment Date and any unpaid Class D Net Derivatives Payments owed to the Class D Counterparty in respect of any prior Payment Date shall be paid to the Class D Counterparty];
(vii) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vii) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(viiviii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(viii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) [(A) an amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account as provided in subsection 4.17(b);] [and][,] [(A)][(B)] [after making the deposit described in clause (A),] [on each Transfer Date during the Funding Period, an amount equal to the excess, if any, of the Required Funding Period Reserve Amount over the Available Funding Period Reserve Amount shall be deposited into the Funding Period Reserve Account as provided in subsection 4.19(c)] [and [(B)][(C)]] on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(x) [reservedan amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.11(e) shall be deposited into the Spread Account;];
(xi) any amounts designated without duplication of the amount specified in writing by the Transferor clause (vii)(B) of this Section 4.4(a), an amount equal to the Servicer and Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Trustee Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as amounts a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xii) [on a pari passu basis (A) an amount equal to be paid from Available Finance Charge Collections any partial or early termination payments or other additional payments owed to the Class A Counterparty under the Class A Derivatives Agreement shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Derivatives Agreement shall be paid to the Class B Counterparty, (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Derivatives Agreement shall be paid to the Class C Counterparty and (D) an amount equal to any partial or early termination payments or other additional payments owed to the Class D Counterparty under the Class D Derivatives Agreement;]
(xiii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series 20[●]-[●] pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixiv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided, that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiv)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 20[●]-[●] pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xiii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied allocated in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and fourth to the Class D Noteholders until the Class D Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date, to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date and to the Class D Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(vi) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal to until the Class B Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account full; third to the Class A Noteholders, C Noteholders until the Class M Noteholders C Principal Balance is paid in full; and fourth to the Class B Noteholders, as applicable, D Noteholders until the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)Class D Note Principal Balance is paid in full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Principal Collections allocated to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series issued pursuant to this Indenture Supplement that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (Synchrony Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply, or shall cause the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and apply, by written instruction to the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution each Payment Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Available Finance Charge Account, Collections and Available Principal Collections with respect to such Payment Date to make the Principal Account, the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution such Payment Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Payment Date, plus the amount of any Class A Deficiency AmountInterest Shortfall previously due but not distributed to the Class A Noteholders on a prior Payment Date, plus the amount of any Class A Additional Interest for such Distribution Payment Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date Payment Date, shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution AccountPaying Agent for payment to Class A Noteholders on such Payment Date;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Payment Date, plus the amount of any Class B Deficiency AmountInterest Shortfall previously due but not distributed to the Class B Noteholders on a prior Payment Date, plus the amount of any Class B Additional Interest for such Distribution Payment Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date Payment Date, shall be deposited by distributed to the Paying Agent for payment to Class B Noteholders on such Payment Date;
(iii) an amount equal to the Monthly Servicing Fee for such Payment Date, plus the amount of any Monthly Servicing Fee previously payable pursuant to this clause (iii) for a prior Payment Date but not paid to the Servicer, shall be paid to the Servicer or Indenture Trustee into unless such amount has been netted against deposits to the Distribution AccountCollection Account in accordance with Section 8.04 of the Indenture;
(iv) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Payment Date, plus the amount of any Noteholder Servicing Fee Class C Interest Shortfall previously due but not distributed to the Servicer Class C Noteholders on a prior Transfer Payment Date, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Payment Date shall be distributed to the ServicerPaying Agent for payment to the Class C Noteholders on such Payment Date; provided, however, that, in the event that the sum of Class C Monthly Interest exceeds the amount of Available Finance Charge Collections available (after giving effect to subsections 4.04(a)(i) through (iii) above) to fund such Class C Monthly Interest and Class C Additional Interest, a draw will be made from amounts available for distribution in the Cash Collateral Account (at the times and in the amounts specified in Section 4.11) and shall be distributed to the Paying Agent for payment to the Class C Noteholders on such Payment Date in accordance with this subsection 4.04(a)(iv);
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount Amount, if any, for such Distribution Date the related Monthly Period shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Payment Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection subparagraph (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date;
(viii) [reserved];
(ixvii) on each Transfer Payment Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(viii) an amount equal to Class D Monthly Interest for such Payment Date, plus the amount of any Class D Interest Shortfall previously due but not distributed to the Class D Noteholders on a prior Payment Date, plus the amount of any Class D Additional Interest for such Payment Date, plus the amount of any Class D Additional Interest previously due but not distributed to the Class D Noteholders on a prior Payment Date shall be distributed to the Paying Agent for payment to the Class D Noteholders on such Payment Date; provided, however, that, in the event that the sum of Class D Monthly Interest exceeds the amount of Available Finance Charge Collections available (after giving effect to subsections 4.04(a)(i) through (vii) above) to fund such Class D Monthly Interest and Class D Additional Interest, a draw will be made from amounts available for distribution in the Cash Collateral Account (at the times and in the amounts specified in Section 4.11) and shall be distributed to the Paying Agent for payment to the Class D Noteholders on such Payment Date in accordance with this subsection 4.04(a)(viii);
(ix) an amount equal to the amounts required to be deposited in the Cash Collateral Account pursuant to Section 4.11(f) shall be deposited into the Cash Collateral Account as provided in Section 4.10(a4.11(f);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be available for allocation to other Series in Group One as described in Section 8.08 of the Indenture; and
(xi) to the extent not applied as set forth in clause (x), any remaining amounts will be paid to the holders of Trust Beneficial Interests or Certificates.
(b) On each Transfer Payment Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(c) On each Transfer Payment Date with respect to during the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Payment Date shall be deposited into the Principal Accumulation Funding Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Payment Date shall be deposited into distributed to the Distribution Account on such Transfer Date and on each subsequent Transfer Date Paying Agent for payment to the Class A Noteholders on the related Distribution such Payment Date and on each subsequent Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to Class A Note Principal Balance has been paid in clause (ii) abovefull, an amount equal to the Monthly Principal remaining, if any, shall be deposited into distributed to the Distribution Account Paying Agent for payment to the Class B Noteholders on such Transfer Payment Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Payment Date until the Class M B Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to Class A Note Principal Balance and the Class B Note Principal Balance have been paid in clauses (ii) and (iii) abovefull, an amount equal to the Monthly Principal remaining, if any, shall be deposited into distributed to the Distribution Account Paying Agent for payment to the Class C Noteholders on such Transfer Payment Date and on each subsequent Transfer Payment Date until the Class C Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance have been paid in full, an amount equal to the Monthly Principal remaining, if any, shall be distributed to the Paying Agent for payment to the Class B D Noteholders on the related Distribution such Payment Date and on each subsequent Payment Date until the Class B D Note Principal Balance has been paid in full; and
(vvi) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses clause (i) through or (ivv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to during the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Final Principal Payment Date, the Indenture Trustee, acting in accordance with written instructions from the Servicer, shall withdraw from the Principal Accumulation Funding Account and deposit into the Distribution Account amounts necessary to pay first, distribute to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account Paying Agent for payment to the Class A Noteholders, the Class M B Noteholders, the Class C Noteholders and the Class B D Noteholders, as applicablein that order of priority, the amounts deposited for the account of such Noteholders into the Distribution Principal Funding Account pursuant to this Section 4.4(esubsection 4.04(c)(i).
(fe) As The Controlled Accumulation Period is scheduled to commence at the close of any Distribution Date during business on February 28, 2006; provided, however, that, if the Accumulation Period Length (determined as described below) is less than 8 months, the date on which the Controlled Accumulation Period or Early Amortization Periodactually commences will be delayed to the first Business Day of the month that is the number of whole months prior to the Expected Final Principal Payment Date at least equal to the Accumulation Period Length and, as a result, the Collateral Amount shall number of Monthly Periods in the Controlled Accumulation Period will at least equal the Accumulation Period Length. On the Determination Date immediately preceding the Reserve Account Funding Date, and each Determination Date thereafter until the Controlled Accumulation Period begins, the Servicer will determine the "ACCUMULATION PERIOD LENGTH" which will equal the number of whole months such that the sum of the Accumulation Period Factors for each month during such period will be reduced by equal to or greater than the Surplus Collateral AmountRequired Accumulation Factor Number; provided, however, that the Accumulation Period Length will not be determined to be less than one month; provided further, however, that the determination of the Accumulation Period Length may be changed at any time if the Rating Agency Condition is satisfied.
Appears in 1 contract
Samples: Indenture Supplement (Advanta Business Receivables Corp)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) [on a pari passu basis based on the amounts owing to the Class A Noteholders and the Class A Counterparty pursuant to this subsection 4.4(a)(i): (A)] an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date Date[, plus (B) an amount equal to the Class A Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) [on a pari passu basis based on the amounts owing to the Class M Noteholders and the Class M Counterparty pursuant to this subsection 4.4(a)(ii): (A)] an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date Date[, plus (B) an amount equal to the Class M Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) [on a pari passu basis based on the amounts owing to the Class B Noteholders and the Class B Counterparty pursuant to this subsection 4.4(a)(iii): (A)] an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date Date[, plus (B) an amount equal to the Class B Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and the Class C Counterparty pursuant to this subsection 4.4(a)(v): (A)] an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date[, plus (B) an amount equal to the Class C Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(vi) [[on a pari passu basis based on the amounts owing to the Class D Noteholders and the Class D Counterparty pursuant to this subsection 4.4(a)(vi): (A)] an amount equal to Class D Monthly Interest for such Distribution Date, plus any Class D Deficiency Amount, plus the amount of any Class D Additional Interest for such Distribution Date, plus the amount of any Class D Additional Interest previously due but not distributed to the Class D Noteholders on a prior Distribution Date[, plus (B) an amount equal to the Class D Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;]
(vii) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viiviii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiviii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiiix) [reservedan amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account as provided in subsection 4.11(b);];
(ixx) [an amount equal to Class D Monthly Interest for such Distribution Date, plus any Class D Deficiency Amount, plus the amount of any Class D Additional Interest for such Distribution Date, plus the amount of any Class D Additional Interest previously due but not distributed to the Class D Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;]
(xi) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(xxii) [reservedon each Transfer Date during the Funding Period, an amount equal to the excess, if any, of the Required Funding Period Reserve Amount over the Available Funding Period Reserve Amount shall be deposited into the Funding Period Reserve Account as provided in subsection 4.19(c);];
(xixiii) [an amount equal to the amounts required to be deposited in the Spread Account pursuant to subsection 4.11(f) shall be deposited into the Spread Account as provided in subsection 4.11(f);]
(xiv) [on a pari passu basis based on the amounts owing to each Counterparty pursuant to this subsection 4.4(a)(xiv): (A) an amount equal to any partial or early termination payments or other additional payments owed to the Class A Counterparty under the Class A Derivatives Agreement shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class M Counterparty under the Class M Derivatives Agreement shall be paid to the Class M Counterparty, (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Derivatives Agreement shall be paid to the Class B Counterparty and (D) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Derivatives Agreement shall be paid to the Class C Counterparty;]
(xv) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xiixvi) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; ;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full;
(vi) [during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (v) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class D Noteholders on the related Distribution Date until the Class D Note Principal Balance has been paid in full;] and
(vvii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivvi) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, and to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date[,] [and] to the Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(v) on the preceding Transfer Date [and to the Class D Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(x) on the preceding Transfer Date].
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, [to the Class B Noteholders, an amount equal to the Class B Note Principal Balance], fourth[,] [and] [to the Class C Noteholders, an amount equal to the Class C Note Principal Balance] [and fifth, to the Class D Noteholders, an amount equal to the Class D Note Principal Balance]. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders Noteholders, the [Class B Noteholders][,] [and] [the Class C Noteholders] [and the Class B D Noteholders], as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) [As of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Principal Collections allocated to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series 20[ ]-[ ] Notes that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.]
Appears in 1 contract
Samples: Indenture Supplement (World Financial Network Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer The Note Administrator shall apply, based on the information provided to it by the Servicer no later than the Determination Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited each Monthly Period in the following order or priority:
(i) an amount equal to Class A Monthly Interest the Program Expenses for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior related Distribution Date shall be deposited by distributed to the Servicer or Indenture Trustee into Trustee, Note Administrator, Certificate Administrator, and Certificate Trustee, as applicable, on the related Distribution AccountDate;
(ii) an amount equal to Class M the Monthly Interest Servicing Fee for such the related Distribution Date, plus any Class M Deficiency Amount, Date plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Distribution Date, shall be distributed to the ServicerServicer on the related Distribution Date;
(iii) an amount equal to Class A-1FL Cumulative Monthly Interest and Class A-1FX Cumulative Monthly Interest shall be distributed to the Note Administrator for payment on the related Distribution Date to the Class A-1FL Noteholders and the Class A-1FX Noteholders, respectively, pro rata based on the dollar amount due on the related Distribution Date;
(iv) an amount equal to Class A-2FL Cumulative Monthly Interest and Class A-2FX Cumulative Monthly Interest shall be distributed to the Note Administrator for payment on the related Distribution Date to the Class A-2FL Noteholders and the Class A-2FX Noteholders, respectively, pro rata based on the dollar amount due on the related Distribution Date;
(v) [reserved]an amount equal to Class A-3FL Cumulative Monthly Interest and Class A-3FX Cumulative Monthly Interest shall be distributed to the Note Administrator for payment on the related Distribution Date to the Class A-3FL Noteholders and the Class A-3FX Noteholders, respectively, pro rata based on the dollar amount due on the related Distribution Date;
(vi) an amount equal to Class A-4FL Cumulative Monthly Interest and Class A-4FX Cumulative Monthly Interest shall be distributed to the Aggregate Note Administrator for payment on the related Distribution Date to the Class A-4FL Noteholders and the Class A-4FX Noteholders, respectively, pro rata based on the dollar amount due on the related Distribution Date;
(vii) from Available Finance Charge Collections other than Reallocated Principal Collections, an amount equal to the Class A Investor Default Amount and any Investor Uncovered Dilution Amount for the related Distribution Date shall be treated as Available Principal Collections for such Monthly Period and applied pursuant to clause (b) hereof;
(viii) from Available Finance Charge Collections other than Reallocated Principal Collections, an amount equal to Class A-1FL Cumulative Subordinated Interest and Class A-1FX Cumulative Subordinated Interest shall be distributed to the Note Administrator for payment on the related Distribution Date to the Class A-1FL Noteholders and the Class A-1FX Noteholders, respectively, pro rata based on the dollar amount due on the related Distribution Date;
(ix) from Available Finance Charge Collections other than Reallocated Principal Collections, an amount equal to Class A-2FL Cumulative Subordinated Interest and Class A-2FX Cumulative Subordinated Interest shall be distributed to the Note Administrator for payment on the related Distribution Date to the Class A-2FL Noteholders and the Class A-2FX Noteholders, respectively, pro rata based on the dollar amount due on the related Distribution Date;
(x) from Available Finance Charge Collections other than Reallocated Principal Collections, an amount equal to Class A-3FL Cumulative Subordinated Interest and Class A-3FX Cumulative Subordinated Interest shall be distributed to the Note Administrator for payment on the related Distribution Date to the Class A-3FL Noteholders and the Class A-3FX Noteholders, respectively, pro rata based on the dollar amount due on the related Distribution Date;
(xi) from Available Finance Charge Collections other than Reallocated Principal Collections, an amount equal to Class A-4FL Cumulative Subordinated Interest and Class A-4FX Cumulative Subordinated Interest shall be distributed to the Note Administrator for payment on the related Distribution Date to the Class A-4FL Noteholders and the Class A-4FX Noteholders, respectively, pro rata based on the dollar amount due on the related Distribution Date;
(xii) from Available Finance Charge Collections other than Reallocated Principal Collections, an amount equal to the Class A Investor Charge-Offs which have not been previously reimbursed shall be treated as a portion of Available Principal Collections for such the related Distribution Date and, during and shall be applied pursuant to clause (b) hereof;
(xiii) an amount equal to Class B Monthly Interest for the Controlled Accumulation Period or related Distribution Date shall be distributed to the Early Amortization Period, deposited into the Principal Account Note Administrator for payment on the related Transfer Distribution Date to Class B Noteholders on the related Distribution Date;
(viixiv) an amount equal to the sum of Class B Investor Default Amount shall be treated as Available Principal Collections for such Monthly Period and shall be applied pursuant to clause (b) hereof;
(xv) an amount equal to the aggregate amount of Class B Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution DateMonthly Period and shall be applied pursuant to clause (b) hereof;
(viiixvi) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account O/C Investor Default Amount shall be deposited into the Reserve Account treated as provided in Section 4.10(a)Available Principal Collections for such Monthly Period and shall be applied pursuant to Clause (b) hereof;
(xxvii) [reserved];
(xi) any amounts designated in writing by the Transferor an amount equal to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections O/C Investor Charge-Offs which have not been previously reimbursed shall be paid in accordance with the Transferor's instructionstreated as Available Principal Collections for such Monthly Period and shall be applied pursuant to clause (b) hereof; and
(xiixviii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Dateshall be treated as Available Principal Collections.
(b) On each Transfer Date The Note Administrator shall apply, based on the information provided to it by the Servicer received no later than the Determination Date, Available Principal Collections with respect to each related Monthly Period in the Revolving Periodfollowing order of priority:
(i) Subject to Section 4.03, an amount equal to the Required Coverage Amount shall be distributed on the related Distribution Date by the Note Administrator to fund the Required Coverage Amount, if any, in the priority set forth in subsections 4.05(a)(i) through (vi) and (xiii);
(ii) during the Reinvestment Period, the Special Reinvestment Period and the Partial Reinvestment Period, to purchase new Receivables from the Transferor during such Monthly Period or to pay down draws on the Variable Funding Notes during such Monthly Period; provided, however, that during the Partial Reinvestment Period, the amount applied under this subclause (b)(ii) shall not exceed 0.5% of the aggregate amount of the Invested Amount with respect to such Monthly Period;
(iii) (a) during the Reinvestment Period, (1) from Available Principal Collections for the related Monthly Period less an amount equal to Discounted Recoveries, principal shall be paid on the related Distribution Date pro rata to the holders of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the O/C Holder based on the Invested Amount of each as of the end of the prior Monthly Period until the Principal Balance of each such class or, with respect to the O/C Holder, the O/C Invested Amount, is paid in full and (2) from Available Principal Collections for the related Monthly Period equal to Discounted Recoveries, principal shall be paid on the related Distribution Date pro rata to the holders of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes until the Principal Balance of each such class and then to the holders of the Class B Notes until the Class B Principal Balance is paid in full and then to the O/C Holder until the O/C Invested Amount is paid in full; (b) during the Scheduled Amortization Period, the Special Reinvestment Period and the Partial Reinvestment Period, principal will be paid on the related Distribution Date first to the holders of the Class A Notes (pro rata among the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes) until the Principal Balance of the Class A Notes is paid in full, then to the Class B Notes until the Principal Balance of the Class B Notes is paid in full, then to the O/C Holder, until the O/C Invested Amount is paid in full and (c) during the Rapid Amortization Period, principal shall be paid on the related Distribution Date to the holders of the Class A-1 Notes until the Principal Balance of the Class A-1 Notes is paid in full, then to the holders of the Class A-2 Notes until the Principal Balance of the Class A-2 Notes is paid in full, then to the holders of the Class A-3 Notes until the Principal Balance of the Class A-3 Notes is paid in full, then to the holders of the Class A-4 Notes until the Principal Balance of the Class A-4 Notes is paid in full, then to the holders of the Class B Notes until the Principal Balance of the Class B Notes is paid in full and then to the O/C Holder until the O/C Invested Amount is paid in full;
(iv) an amount equal to any Excess Program Expenses for such Distribution Date shall be distributed on the related Distribution Date to the Indenture Trustee, Note Administrator, Certificate Administrator, and Certificate Trustee, as applicable; and
(v) an amount equal to the Principal Shortfalls for all outstanding Series shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.;
(cvi) the balance of such Available Principal Collections shall be paid to the O/C Holder. On each Transfer Date with respect Distribution Date, the holders of the Class B Notes shall be entitled to receive from amounts otherwise payable to the Controlled Accumulation Period or the Early Amortization Period, O/C Holder on such Distribution Date an additional amount equal to Class B Monthly Interest for such Distribution Date calculated without taking into account the Available Principal Collections for Class B Note Interest Rate Cap, to the related Monthly Period extent not paid pursuant to clause (xiii) of Section 4.05(a), and such amount shall be distributed or deposited in by the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date Administrator for payment to the Class B Noteholders on the related such Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) Date. On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, Special VFN Allocation will be applied to pay principal first to the holders of the Class M NoteholdersA-1 Notes, an amount equal then to the holders of the Class M Note A-2 Notes and then to the holders of the Class A-3 Notes until, together with amounts paid pursuant to clause (iii) of Section 4.05(b), the Principal BalanceBalance of each such class is paid in full, and third, such amount shall be distributed by the Note Administrator for payment to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the applicable holders on such Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)Date.
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply, or shall cause the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and apply, by written instruction to the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution each Payment Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Available Finance Charge Account, Collections and Available Principal Collections with respect to such Payment Date to make the Principal Account, the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution such Payment Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Payment Date, plus the amount of any Class A Deficiency AmountMonthly Interest previously due but not distributed to Class A Noteholders on a prior Payment Date, plus the amount of any Class A Additional Interest for such Distribution Payment Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date Payment Date, shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution AccountPaying Agent for payment to Class A Noteholders on such Payment Date;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Payment Date, plus the amount of any Class B Deficiency AmountMonthly Interest previously due but not distributed to Class B Noteholders on a prior Payment Date, plus the amount of any Class B Additional Interest for such Distribution Payment Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date Payment Date, shall be deposited by distributed to the Paying Agent for payment to Class B Noteholders on such Payment Date;
(iii) (A) an amount equal to 87.5% of the Monthly Servicing Fee for such Payment Date, plus the amount of any Monthly Servicing Fee previously payable pursuant to this clause (iii) for a prior Payment Date but not paid to the Servicer, shall be paid to the Servicer if the Servicer is ABC, an Affiliate of ABC or the Indenture Trustee into Trustee, and (B) an amount equal to 100% of the Distribution AccountMonthly Servicing Fee for such Payment Date, plus the amount of any Monthly Servicing Fee previously payable pursuant to this clause (iii) for a prior Payment Date but not paid to the Servicer, shall be paid to the Servicer if the Servicer is any other Person (in each case, unless such amount has been netted against deposits to the Collection Account in accordance with Section 8.04 of the Indenture);
(iv) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Payment Date, plus the amount of any Noteholder Servicing Fee Class C Monthly Interest previously due but not distributed to the Servicer Class C Noteholders on a prior Transfer Payment Date, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Payment Date shall be distributed to the ServicerPaying Agent for payment to the Class C Noteholders on such Payment Date; provided, however, that, in the event that the sum of Class C Monthly Interest exceeds the amount of Available Finance Charge Collections available (after giving effect to subsections 4.04(a)(i) through (iii) above) to fund such Class C Monthly Interest and Class C Additional Interest, a draw will be made from amounts available for distribution in the Cash Collateral Account (at the times and in the amounts specified in Section 4.11) and shall be distributed to the Paying Agent for payment to the Class C Noteholders on such Payment Date in accordance with this subsection 4.04(a)(iv);
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount Amount, if any, for such Distribution Date the related Monthly Period shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Payment Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection subparagraph (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date;
(viii) [reserved];
(ixvii) on each Transfer Payment Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(viii) an amount equal to Class D Monthly Interest for such Payment Date, plus the amount of any Class D Monthly Interest previously due but not distributed to the Class D Noteholders on a prior Payment Date, plus the amount of any Class D Additional Interest for such Payment Date, plus the amount of any Class D Additional Interest previously due but not distributed to the Class D Noteholders on a prior Payment Date shall be distributed to the Paying Agent for payment to the Class D Noteholders on such Payment Date; provided, however, that, in the event that the sum of Class D Monthly Interest exceeds the amount of Available Finance Charge Collections available (after giving effect to subsections 4.04(a)(i) through (vii) above) to fund such Class D Monthly Interest and Class D Additional Interest, a draw will be made from amounts available for distribution in the Cash Collateral Account (at the times and in the amounts specified in Section 4.11) and shall be distributed to the Paying Agent for payment to the Class D Noteholders on such Payment Date in accordance with this subsection 4.04(a)(viii);
(ix) an amount equal to the amounts required to be deposited in the Cash Collateral Account pursuant to Section 4.11(f) shall be deposited into the Cash Collateral Account as provided in Section 4.10(a4.11(f);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Payment Date and will be available for allocation to other Series in Group One as described in Section 8.08 of the Indenture; and
(xi) to the extent not applied as set forth in clause (x), any remaining amounts will be paid to the holders of Trust Beneficial Interests or Certificates; provided, however, that if the Indenture Trustee is acting as Servicer, the Indenture Trustee shall first have the right to set-off against such amounts, amounts owed to the Indenture Trustee as a result of any Servicer Interchange Shortfall. Such set-off will be achieved with respect to any Payment Date by increasing the amount of compensation payable to the Indenture Trustee pursuant to Section 6.07 of the Indenture by the lesser of (A) the amount of funds remaining under this clause (xi) for such Payment Date and (B) the Servicer Interchange Shortfall for such Payment Date.
(b) On each Transfer Payment Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(c) On each Transfer Payment Date with respect to during the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Payment Date shall be deposited into the Principal Accumulation Funding Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Payment Date shall be deposited into distributed to the Distribution Account on such Transfer Date and on each subsequent Transfer Date Paying Agent for payment to the Class A Noteholders on the related Distribution such Payment Date and on each subsequent Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to Class A Note Principal Balance has been paid in clause (ii) abovefull, an amount equal to the Monthly Principal remaining, if any, shall be deposited into distributed to the Distribution Account Paying Agent for payment to the Class B Noteholders on such Transfer Payment Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Payment Date until the Class M B Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to Class A Note Principal Balance and the Class B Note Principal Balance have been paid in clauses (ii) and (iii) abovefull, an amount equal to the Monthly Principal remaining, if any, shall be deposited into distributed to the Distribution Account Paying Agent for payment to the Class C Noteholders on such Transfer Payment Date and on each subsequent Transfer Payment Date until the Class C Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance have been paid in full, an amount equal to the Monthly Principal remaining, if any, shall be distributed to the Paying Agent for payment to the Class B D Noteholders on the related Distribution such Payment Date and on each subsequent Payment Date until the Class B D Note Principal Balance has been paid in full; and
(vvi) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses clause (i) through or (ivv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to during the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Final Principal Payment Date, the Indenture Trustee, acting in accordance with written instructions from the Servicer, shall withdraw from the Principal Accumulation Funding Account and deposit into the Distribution Account amounts necessary to pay first, distribute to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account Paying Agent for payment to the Class A Noteholders, the Class M B Noteholders, the Class C Noteholders and the Class B D Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Principal Funding Account pursuant to this Section 4.4(esubsection 4.04(c)(i).
(fe) As The Controlled Accumulation Period is scheduled to commence at the close of any Distribution Date during business on September 30, 2004; provided, however, that, if the Accumulation Period Length (determined as described below) is less than 8 months, the date on which the Controlled Accumulation Period or Early Amortization Periodactually commences will be delayed to the first Business Day of the month that is the number of whole months prior to the Expected Final Principal Payment Date at least equal to the Accumulation Period Length and, as a result, the Collateral Amount shall number of Monthly Periods in the Controlled Accumulation Period will at least equal the Accumulation Period Length. On the Determination Date immediately preceding the Reserve Account Funding Date, and each Determination Date thereafter until the Controlled Accumulation Period begins, the Servicer will determine the "ACCUMULATION PERIOD LENGTH" which will equal the number of whole months such that the sum of the Accumulation Period Factors for each month during such period will be reduced by equal to or greater than the Surplus Collateral AmountRequired Accumulation Factor Number; provided, however, that the Accumulation Period Length will not be determined to be less than one month; provided further, however, that the determination of the Accumulation Period Length may be changed at any time if the Rating Agency Condition is satisfied.
Appears in 1 contract
Samples: Indenture Supplement (Advanta Business Recievables Corp)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2007-4 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) on a pari passu basis based on the amounts owing to the Class A Noteholders and each Class A Counterparty pursuant to this Section 4.4(a)(iii): (A) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class A Senior Swap Payment for such Payment Date and any unpaid Class A Senior Swap Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be paid to the Class A Counterparty;
(iv) on a pari passu basis based on the amounts owing to the Class B Noteholders and each Class B Counterparty pursuant to this Section 4.4(a)(iv): (A) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class B Senior Swap Payment for such Payment Date and any unpaid Class B Senior Swap Payments owed to the Class B Counterparty in respect of any prior Payment Date shall be paid to the Class B Counterparty;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and each Class C Counterparty pursuant to this Section 4.4(a)(v): (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, and (B) any Class C Senior Swap Payment for such Payment Date and any unpaid Class C Senior Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes issued on any date prior to September 22, 2004 and any Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) an amount equal to any amounts designated in writing by the Transferor Subordinated Termination Payments owing to the Servicer Class A Counterparty and Indenture Trustee as any other amounts owing to be paid from Available Finance Charge Collections the Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty;
(xii) an amount equal to any Subordinated Termination Payments owing to the Class B Counterparty and any other amounts owing to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty;
(xiii) an amount equal to any Subordinated Termination Payments owing to the Class C Counterparty and any other amounts owing to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xiv) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series 2007-4 pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xv)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2007-4 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xiv) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer in respect of the Ownership Interest.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As The Issuer shall distribute any funds received in respect of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodOwnership Interest to RFS Holding, L.L.C. as a distribution on RFS Holding, L.L.C.’s beneficial interest in the Collateral Amount shall be reduced by the Surplus Collateral AmountIssuer.
Appears in 1 contract
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, The Servicer shall apply (if the Seller is the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture TrusteeCollection Account is maintained with the Seller) or shall cause the Trustee to apply, acting in accordance with such instructions, shall withdraw on such Transfer Date or related each Distribution Date, as applicableAvailable Finance Charge Collections, Reallocated Principal Collections and Available Principal Collections on deposit in the Collection Account with respect to such Distribution Date, to make the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Distribution Date, an amount equal to the Available Finance Charge Collections with respect to the related such Distribution Date will shall be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus the amount of any Class A Deficiency AmountMonthly Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of Date and any Class A Additional Interest previously due but not distributed to Class A Noteholders Certificateholders on a prior Distribution Date Date, shall be deposited by distributed to the Servicer or Indenture Trustee into Paying Agent for payment to the Distribution AccountClass A Certificateholders;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus the amount of any Class B Deficiency AmountMonthly Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of Date and any Class B Additional Interest previously due but not distributed to Class B Noteholders Certificateholders on a prior Distribution Date Date, shall be deposited by distributed to the Servicer or Indenture Trustee into Paying Agent for payment to the Distribution AccountClass B Certificateholders;
(iviii) an amount equal to the Noteholder Monthly Servicing Fee for such Transfer Distribution Date, plus the amount of any Noteholder Monthly Servicing Fee previously due but not distributed to the Servicer on a any prior Transfer Distribution Date, shall be distributed to the ServicerServicer (unless such amount has been netted against deposits to the Collection Account in accordance with Section 4.03(a) of the Agreement);
(v) [reserved];
(viiv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Class A Defaulted Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date;
(v) an amount equal to the aggregate amount of Class A Charge-Offs that have not been previously reimbursed shall be treated as a portion of Available Principal Collections for such Distribution Date;
(vi) an amount equal to Class B Subordinated Monthly Interest for such Distribution Date, plus the amount of any Class B Subordinated Monthly Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, plus the amount of any Class B Subordinated Additional Interest for such Distribution Date andand any Class B Subordinated Additional Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, during shall be distributed to the Controlled Accumulation Period or Paying Agent for payment to the Early Amortization Period, deposited into the Principal Account on the related Transfer DateClass B Certificateholders;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) Class B Defaulted Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved]an amount equal to the aggregate amount by which the Class B Invested Amount has been reduced pursuant to clauses (c) and (d) of the definition of "Class B Invested Amount" (but not in excess of the amount of such reductions that have not been previously reimbursed) shall be treated as a portion of Available Principal Collections with respect to such Distribution Date;
(ix) an amount equal to the Collateral Monthly Interest for such Distribution Date, plus the amount of any Collateral Monthly Interest previously due but not paid to the Collateral Interest Holder on any prior Distribution Date, plus the amount of any Collateral Additional Interest for such Distribution Date and any Collateral Additional Interest previously due but not paid to the Collateral Interest Holder on a prior Distribution Date, shall be paid to the Collateral Interest Holder for application in accordance with the Transfer and Administration Agreement;
(x) an amount equal to the Collateral Defaulted Amount for such Distribution Date shall be treated as a portion of Available Principal Collections with respect to such Distribution Date;
(xi) on each Transfer Distribution Date from and after the Class A Reserve Account Funding Date, but prior to the date on which the Class A Reserve Account terminates as described in Section 4.09(f), an amount up to the excess, if any, of the Class A Required Reserve Account Amount over the Class A Available Reserve Account Amount shall be deposited into the Class A Reserve Account;
(xii) on each Distribution Date from and after the Class B Reserve Account Funding Date, but prior to the date on which the Class B Reserve Account terminates as described in Section 4.10(f), an amount equal up to the excess, if any, of the Class B Required Reserve Account Amount over the Class B Available Reserve Account Amount shall be deposited into the Class B Reserve Account as provided in Section 4.10(a)Account;
(xxiii) [reserved]an amount equal to the aggregate amount by which the Collateral Invested Amount has been reduced pursuant to clauses (c) and (d) of the definition of "Collateral Invested Amount" (but not in excess of the amount of such reductions that have not been previously reimbursed) shall be treated as a portion of Available Principal Collections with respect to such Distribution Date;
(xixiv) any amounts designated in writing by the Transferor an amount equal to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Class D Defaulted Amount for such Distribution Date shall be paid treated as a portion of Available Principal Collections with respect to such Distribution Date;
(xv) an amount equal to the aggregate amount by which the Class D Invested Amount has been reduced pursuant to clauses (c) and (d) of the definition of "Class D Invested Amount" (but not in accordance excess of the amount of such reductions that have not been previously reimbursed) shall be treated as a portion of Available Principal Collections with the Transferor's instructionsrespect to such Distribution Date; and
(xiixvi) the balance, if any, will constitute a portion of Excess Finance Charge Collections shall be paid to the Collateral Interest Holder for such Distribution Dateapplication in accordance with the Transfer and Administration Agreement.
(b) On each Transfer Distribution Date, Reallocated Class D Principal Collections shall be distributed to fund the Required Amount for such Distribution Date, the amount of such Reallocated Class D Principal Collections being applied to the components of the Required Amount in the same priority as amounts are applied to such components from Available Finance Charge Collections pursuant to Section 4.05(a), and the Class D Invested Amount (after giving effect to reductions in the Class D Invested Amount on such Distribution Date pursuant to Section 4.06(a) in respect of the amount by which the Class D Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Class D Defaulted Amount) shall be reduced by the amount of such Reallocated Class D Principal Collections.
(c) On each Distribution Date, Reallocated Collateral Principal Collections shall be distributed to fund any excess of the full amount required to be paid pursuant to Sections 4.05(a)(i), (ii), (iii), (iv), (vii) and (ix) for such Distribution Date over the amount of Available Finance Charge Collections and Reallocated Class D Principal Collections applied thereto for such Distribution Date, the amount of such Reallocated Collateral Principal Collections being applied to fund any deficiency pursuant to Sections 4.05(a)(i), (ii), (iii), (iv), (vii) and (ix) (but only to the extent that any application of Reallocated Collateral Principal Collections to such deficiency in the amount payable under Section 4.05(a)(ix) would result in a reduction of the Class D Invested Amount) in the same priority as amounts are applied to such Sections from Available Finance Charge Collections pursuant to Section 4.05(a), and the Class D Invested Amount (after giving effect to reductions in the Class D Invested Amount on such Distribution Date (i) pursuant to Section 4.05(b) in respect of the application of Reallocated Class D Principal Collections and (ii) pursuant to Section 4.06(a) in respect of the amount by which the Class D Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Class D Defaulted Amount) shall be reduced by the amount of such Reallocated Collateral Principal Collections. In the event that such reduction would cause the Class D Invested Amount to be reduced below zero, the Class D Invested Amount shall be reduced to zero and the Collateral Invested Amount (after giving effect to reductions in the Collateral Invested Amount pursuant to Section 4.06(d) in respect of the amount by which the Collateral Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Collateral Defaulted Amount) shall be reduced by the amount by which the Class D Invested Amount would have been reduced below zero.
(d) On each Distribution Date, Reallocated Class B Principal Collections shall be distributed to fund any excess of the full amount required to be paid pursuant to Sections 4.05(a)(i), (ii), (iii) and (iv) for such Distribution Date over the amount of Available Finance Charge Collections, Reallocated Class D Principal Collections and Reallocated Collateral Principal Collections applied thereto for such Distribution Date, the amount of such Reallocated Class B Principal Collections being applied to fund any deficiency pursuant to Sections 4.05(a)(i), (ii) (but only to the extent that any application of Reallocated Class B Principal Collections to such deficiency in the amount payable under Section 4.05(a)(ii) would result in a reduction in the Class D Invested Amount or the Collateral Invested Amount), (iii) and (iv) in the same priority as amounts are applied to such Sections from Available Finance Charge Collections pursuant to Section 4.05(a), and the Class D Invested Amount (after giving effect to reductions in the Class D Invested Amount on such Distribution Date (i) pursuant to Sections 4.05(b) and (c) in respect of the application of Reallocated Class D Principal Collections and Reallocated Collateral Principal Collections and (ii) pursuant to Section 4.06(a) in respect of the amount by which the Class D Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Class D Defaulted Amount) shall be reduced by the amount of such Reallocated Class B Principal Collections. In the event that such reduction would cause the Class D Invested Amount to be reduced below zero, the Class D Invested Amount shall be reduced to zero and the Collateral Invested Amount (after giving effect to reductions in the Collateral Invested Amount on such Distribution Date (i) pursuant to Section 4.05(c) in respect of the application of Reallocated Collateral Principal Collections and (ii) pursuant to Section 4.06(d) in respect of the amount by which the Collateral Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Collateral Defaulted Amount) shall be reduced by the amount by which the Class D Invested Amount would have been reduced below zero. In the event that such reduction would cause the Collateral Invested Amount to be reduced below zero, the Collateral Invested Amount shall be reduced to zero and the Class B Invested Amount (after giving effect to reductions in the Class B Invested Amount pursuant to Section 4.06(c) in respect of the amount by which the Class B Defaulted Amount exceeded the amount of Available Finance Charge Collections, Reallocated Class D Principal Collections and Reallocated Collateral Principal Collections available to fund the Class B Defaulted Amount) shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero.
(e) On each Distribution Date with respect to the Revolving Period, an amount equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 4.04 of the IndentureAgreement.
(cf) On each Transfer Distribution Date during the period beginning on the earlier to occur of (w) the first Distribution Date with respect to the Controlled Class A Accumulation Period or Period, and (x) the Early Amortization Periodfirst Special Payment Date and ending on the earlier to occur of (y) the payment in full to Series 2000-2 Certificateholders of the Invested Amount and (z) the Termination Date, an amount equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Class A Monthly Principal for such Transfer Distribution Date shall be deposited into the Principal Accumulation Funding Account, and on the Class A Expected Final Payment Date and on each Special Payment Date, such amounts shall be applied in accordance with Section 5.01(b);
(ii) during the Early Amortization Period, an amount equal to the Class B Monthly Principal for such Transfer Distribution Date shall be deposited into the Distribution Account Principal Funding Account, and on such Transfer the Class B Expected Final Payment Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid Special Payment Date, such amounts shall be applied in fullaccordance with Section 5.01(d);
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Collateral Monthly Principal remainingPrincipal, if any, for such Distribution Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment distributed to the Class M Noteholders on Collateral Interest Holder for application in accordance with the related Distribution Date until the Class M Note Principal Balance has been paid in fullTransfer and Administration Agreement;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Class D Monthly Principal remainingPrincipal, if any, for such Distribution Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment distributed to the Class B Noteholders on D Holder for application in accordance with the related Distribution Date until the Class B Note Principal Balance has been paid in fullTransfer and Administration Agreement; and
(v) in the case balance, if any, of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application then on deposit in accordance with clauses (i) through (iv) above the Collection Account shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 4.04 of the IndentureAgreement.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Providian Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit BI) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) on a pari passu basis based on the amounts owing to the Class A Noteholders and the Class A Counterparty pursuant to this subsection 4.4(a)(i): (A) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, and (B) any Class A Net Swap Payment for such Distribution Date shall be paid to the Class A Swap Counterparty;
(ii) on a pari passu basis based on the amounts owing to the Class M Noteholders and the Class M Counterparty pursuant to this subsection 4.4(a)(ii): (A) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, and (B) any Class M Net Swap Payment for such Distribution Date shall be paid to the Class M Swap Counterparty;
(iii) on a pari passu basis based on the amounts owing to the Class B Noteholders and the Class B Counterparty pursuant to this subsection 4.4(a)(iii): (A) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, and (B) any Class B Net Swap Payment for such Distribution Date shall be paid to the Class B Swap Counterparty;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and the Class C Counterparty pursuant to this subsection 4.4(a)(v): (A) an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, and (B) any Class C Net Swap Payment for such Distribution Date shall be paid to the Class C Counterparty;
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved]an amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account as provided in Section 4.11(b);
(ix) on each Transfer Date during the Funding Period, an amount equal to the excess, if any, of the Required Funding Period Reserve Amount over the Available Funding Period Reserve Amount shall be deposited into the Funding Period Reserve Account as provided in Section 4.19(c);
(x) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(xxi) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.12(f) shall be deposited into the Spread Account as provided in Section 4.12(f);
(xixii) on a pari passu basis based on the amounts owing to each Counterparty pursuant to this subsection 4.4(a)(xii): (A) an amount equal to any partial or early termination payments or other additional payments owed to the Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class M Counterparty under the Class M Swap shall be paid to the Class M Counterparty, (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (D) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xiii) an amount equal to any other payments owed to the Class C Noteholders under the Class C Note Purchase Agreement shall be paid to the Class C Noteholders;
(xiv) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xiixv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii), (iii) and (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and
(vvi) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(ii) on the preceding Transfer Date), and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(iii) on and to the preceding Transfer DateClass C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v).
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance, and fourth, to the Class C Noteholders, an amount equal to the Class C Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section subsection 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply, or shall cause the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and apply by written instruction to the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related each Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Available Finance Charge Account, Collections and Available Principal Collections on deposit in the Principal Account, Collection Account with respect to such Distribution Date to make the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Distribution Date, an amount equal to the Available Finance Charge Collections with respect to the related such Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus the amount of any Class A Deficiency AmountMonthly Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date Date, shall be deposited by distributed to the Servicer or Indenture Trustee into the Paying Agent for payment to Class A Noteholders on such Distribution AccountDate;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus the amount of any Class B Deficiency AmountMonthly Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date Date, shall be deposited by distributed to the Servicer or Indenture Trustee into the Paying Agent for payment to Class B Noteholders on such Distribution AccountDate;
(iviii) an amount equal to the Noteholder Monthly Servicing Fee for such Transfer Distribution Date, plus the amount of any Noteholder Monthly Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Distribution Date, shall be distributed to the ServicerServicer (unless such amount has been netted against deposits to the Collection Account in accordance with Section 8.04 of the Indenture);
(iv) an amount equal to Class C Monthly Interest for such Distribution Date, plus the amount of any Class C Monthly Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be distributed to the Paying Agent for payment to the Class C Noteholders on such Distribution Date; provided, however, that, in the event that the sum of Class C Monthly Interest exceeds the amount of Available Finance Charge Collections available (after giving effect to subsections 4.04(a)(i) through (iii) above) to fund such Class C Monthly Interest and Class C Additional Interest, a draw will be made from amounts available for distribution in the Spread Account (at the times and in the amounts specified in Section 4.11) and shall be distributed to the Paying Agent for payment to the Class C Noteholders on such Distribution Date in accordance with this subsection 4.04(a)(iv);
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount Amount, if any, for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection subparagraph (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ixvii) on each Transfer Distribution Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(viii) an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.11 shall be deposited into the Spread Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions4.11; and
(xiiix) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DateDate and will be available for allocation to other Series in Group One or to the Holders of the Transferor Certificates as described in Section 8.08 of the Indenture and Section 4.01.
(b) On each Transfer Distribution Date with respect to the Revolving Period, an amount equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(c) On each Transfer Distribution Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Distribution Date shall be deposited into the Principal Accumulation Funding Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Distribution Date shall be deposited into distributed to the Distribution Account on such Transfer Date and on each subsequent Transfer Date Paying Agent for payment to the Class A Noteholders on the related such Distribution Date and on each subsequent Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into distributed to the Distribution Account on such Transfer Date and on each subsequent Transfer Date Paying Agent for payment to the Class B Noteholders on the related such Distribution Date and on each subsequent Distribution Date until the Class B Note Principal Balance has been paid in full;
(iv) after giving effect to the distributions referred to in clauses (ii) and (iii) above, during the Early Amortization Period, an amount equal to the Monthly Principal remaining, if any, shall be distributed to the Paying Agent for payment to the Class C Noteholders on such Distribution Date and on each subsequent Distribution Date until the Class C Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.remaining
Appears in 1 contract
Samples: Indenture Supplement (Associates Credit Card Receivables Corp)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply, or shall cause the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and apply by written instruction to the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related each Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Available Finance Charge Account, Collections and Available Principal Collections on deposit in the Principal Account, Collection Account with respect to such Distribution Date to make the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a1) On each Transfer Distribution Date, an amount equal to the Available Finance Charge Collections with respect to the related such Distribution Date will be distributed or deposited in the following priority:
(i1) on a pari passu basis (A) an amount equal to Class A Monthly Interest for such Distribution Date, plus the amount of any Monthly Interest previously due but not distributed to Class A Deficiency AmountNoteholders on a prior Distribution Date, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date, shall be distributed to the Paying Agent for payment to Class A Noteholders on such Distribution Date and (B) any Net Swap Payment for that Distribution Date shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution AccountCounterparty;
(ii2) if neither FCNB nor any affiliate of the Seller is the Servicer, an amount equal to Class M the Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest Servicing Fee for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Distribution Date, shall be distributed to the Servicer;
(v) [reserved];
(vi3) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii4) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiiv) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii5) [reserved]an amount equal to the Monthly Insurance Premium for the related Monthly Period and any unpaid Monthly Insurance Premiums for prior Monthly Periods shall be paid to the Insurer;
(ix6) on each Transfer Distribution Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(7) an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 2.05(f) of the Insurance Agreement shall be deposited into the Spread Account as provided in Section 4.10(a)2.05(f) of the Insurance Agreement;
(x8) during the Rapid Amortization Period, any amount remaining shall be applied as Available Principal Collections for such Distribution Date to the extent that the other Available Principal Collections (excluding any amounts drawn under the Policies) [reserved]are not sufficient to repay the Class A Notes in full;
(xi9) an amount equal to any amounts designated in writing by Reimbursement Amounts and interest thereon owed under the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Insurance Agreement shall be paid to the Insurer;
(10) an amount equal to any other amounts owing to the Insurer under the Insurance Agreement shall be paid to the Insurer;
(11) if the Rapid Amortization Period is extended past the Distribution Date on which the Note Principal Balance is paid in full as a result of there being amounts owed to the Counterparty, on each Distribution Date after the Note Principal Balance is paid in full, an amount equal to any partial or early termination payments or other additional payments owed to the Counterparty under the Swap shall be paid to the Counterparty;
(12) any Monthly Servicing Fee for such Distribution Date or prior Distribution Dates not paid pursuant to subsection 4.4(a)(ii) (unless such amount has been netted against deposits to the Collection Account in accordance with Section 8.4 of the Transferor's instructionsIndenture) shall be distributed to the Servicer; and
(xii13) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DateDate and first will be available for allocation to other Series in Group One, second deposited in the Excess Funding Account to the extent necessary so that the Seller Amount is not less than the Minimum Seller Amount and third paid to the Holders of the Seller Interest as described in Section 8.6 of the Indenture.
(b2) On each Transfer Distribution Date with respect to the Revolving Period, an amount equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c3) On each Transfer Distribution Date with respect to the Controlled Accumulation Period or the Early Rapid Amortization Period, an amount equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i1) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Distribution Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such any remaining Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.; and
(d2) On each during the Rapid Amortization Period, an amount equal to the Monthly Principal for such Distribution Date, Date shall be distributed to the Indenture Trustee shall pay in accordance with Section 5.2 Paying Agent for payment to the Class A Noteholders from on such Distribution Date until the Note Principal Balance has been paid in full, and any remaining Available Principal Collections shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Distribution AccountDate on which any Available Principal Collections are treated as Shared Principal Collections as provided above, the Collateral Amount shall be reduced by an amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, equal to the Class M Noteholders from the Distribution Account, lesser of (x) the amount deposited into of Available Principal Collections applied as Shared Principal Collections and (y) the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer DateSurplus Collateral Amount.
(e4) On the earlier to occur of (i) the first Transfer Distribution Date with respect to the Early Rapid Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Distribution Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into distribute to the Distribution Account amounts necessary to pay first, Paying Agent for payment to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Principal Accumulation Account pursuant to this Section 4.4(esubsection 4.4(c)(i).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (Spiegel Inc)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply, or shall cause the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and apply, by written instruction to the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution each Payment Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Available Finance Charge Account, Collections and Available Principal Collections with respect to such Payment Date to make the Principal Account, the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution such Payment Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Payment Date, plus the amount of any Class A Deficiency AmountMonthly Interest previously due but not distributed to Class A Noteholders on a prior Payment Date, plus the amount of any Class A Additional Interest for such Distribution Payment Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date Payment Date, shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution AccountPaying Agent for payment to Class A Noteholders on such Payment Date;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Payment Date, plus the amount of any Class B Deficiency AmountMonthly Interest previously due but not distributed to Class B Noteholders on a prior Payment Date, plus the amount of any Class B Additional Interest for such Distribution Payment Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date Payment Date, shall be deposited by distributed to the Paying Agent for payment to Class B Noteholders on such Payment Date;
(iii) an amount equal to the Monthly Servicing Fee for such Payment Date, plus the amount of any Monthly Servicing Fee previously payable pursuant to this clause (iii) for a prior Payment Date but not paid to the Servicer, shall be paid to the Servicer or Indenture Trustee into unless such amount has been netted against deposits to the Distribution AccountCollection Account in accordance with Section 8.04 of the Indenture;
(iv) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Payment Date, plus the amount of any Noteholder Servicing Fee Class C Monthly Interest previously due but not distributed to the Servicer Class C Noteholders on a prior Transfer Payment Date, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Payment Date shall be distributed to the ServicerPaying Agent for payment to the Class C Noteholders on such Payment Date; provided, however, that, in the event that the sum of Class C Monthly Interest exceeds the amount of Available Finance Charge Collections available (after giving effect to subsections 4.04(a)(i) through (iii) above) to fund such Class C Monthly Interest and Class C Additional Interest, a draw will be made from amounts available for distribution in the Cash Collateral Account (at the times and in the amounts specified in Section 4.11) and shall be distributed to the Paying Agent for payment to the Class C Noteholders on such Payment Date in accordance with this subsection 4.04(a)(iv);
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount Amount, if any, for such Distribution Date the related Monthly Period shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Payment Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection subparagraph (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date;
(viii) [reserved];
(ixvii) on each Transfer Payment Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(viii) an amount equal to Class D Monthly Interest for such Payment Date, plus the amount of any Class D Monthly Interest previously due but not distributed to the Class D Noteholders on a prior Payment Date, plus the amount of any Class D Additional Interest for such Payment Date, plus the amount of any Class D Additional Interest previously due but not distributed to the Class D Noteholders on a prior Payment Date shall be distributed to the Paying Agent for payment to the Class D Noteholders on such Payment Date; provided, however, that, in the event that the sum of Class D Monthly Interest exceeds the amount of Available Finance Charge Collections available (after giving effect to subsections 4.04(a)(i) through (vii) above) to fund such Class D Monthly Interest and Class D Additional Interest, a draw will be made from amounts available for distribution in the Cash Collateral Account (at the times and in the amounts specified in Section 4.11) and shall be distributed to the Paying Agent for payment to the Class D Noteholders on such Payment Date in accordance with this subsection 4.04(a)(viii);
(ix) an amount equal to the amounts required to be deposited in the Cash Collateral Account pursuant to Section 4.11(f) shall be deposited into the Cash Collateral Account as provided in Section 4.10(a4.11(f);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be available for allocation to other Series in Group One as described in Section 8.08 of the Indenture; and
(xi) to the extent not applied as set forth in clause (x), any remaining amounts will be paid to the holders of Trust Beneficial Interests or Certificates.
(b) On each Transfer Payment Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(c) On each Transfer Payment Date with respect to during the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Payment Date shall be deposited into the Principal Accumulation Funding Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Payment Date shall be deposited into distributed to the Distribution Account on such Transfer Date and on each subsequent Transfer Date Paying Agent for payment to the Class A Noteholders on the related Distribution such Payment Date and on each subsequent Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to Class A Note Principal Balance has been paid in clause (ii) abovefull, an amount equal to the Monthly Principal remaining, if any, shall be deposited into distributed to the Distribution Account Paying Agent for payment to the Class B Noteholders on such Transfer Payment Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Payment Date until the Class M B Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to Class A Note Principal Balance and the Class B Note Principal Balance have been paid in clauses (ii) and (iii) abovefull, an amount equal to the Monthly Principal remaining, if any, shall be deposited into distributed to the Distribution Account Paying Agent for payment to the Class C Noteholders on such Transfer Payment Date and on each subsequent Transfer Payment Date until the Class C Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal Balance have been paid in full, an amount equal to the Monthly Principal remaining, if any, shall be distributed to the Paying Agent for payment to the Class B D Noteholders on the related Distribution such Payment Date and on each subsequent Payment Date until the Class B D Note Principal Balance has been paid in full; and
(vvi) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses clause (i) through or (ivv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to during the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Final Principal Payment Date, the Indenture Trustee, acting in accordance with written instructions from the Servicer, shall withdraw from the Principal Accumulation Funding Account and deposit into the Distribution Account amounts necessary to pay first, distribute to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account Paying Agent for payment to the Class A Noteholders, the Class M B Noteholders, the Class C Noteholders and the Class B D Noteholders, as applicablein that order of priority, the amounts deposited for the account of such Noteholders into the Distribution Principal Funding Account pursuant to this Section 4.4(esubsection 4.04(c)(i).
(fe) As The Controlled Accumulation Period is scheduled to commence at the close of any Distribution Date during business on September 30, 2005; provided, however, that, if the Accumulation Period Length (determined as described below) is less than 8 months, the date on which the Controlled Accumulation Period or Early Amortization Periodactually commences will be delayed to the first Business Day of the month that is the number of whole months prior to the Expected Final Principal Payment Date at least equal to the Accumulation Period Length and, as a result, the Collateral Amount shall number of Monthly Periods in the Controlled Accumulation Period will at least equal the Accumulation Period Length. On the Determination Date immediately preceding the Reserve Account Funding Date, and each Determination Date thereafter until the Controlled Accumulation Period begins, the Servicer will determine the "ACCUMULATION PERIOD LENGTH" which will equal the number of whole months such that the sum of the Accumulation Period Factors for each month during such period will be reduced by equal to or greater than the Surplus Collateral AmountRequired Accumulation Factor Number; provided, however, that the Accumulation Period Length will not be determined to be less than one month; provided further, however, that the determination of the Accumulation Period Length may be changed at any time if the Rating Agency Condition is satisfied.
Appears in 1 contract
Samples: Indenture Supplement (Advanta Business Recievables Corp)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Funding Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to the unpaid Class A Monthly Interest for such Distribution DateDate shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class A Noteholders in accordance with Section 6.2;
(ii) an amount equal to the unpaid Class A Non-Use Fee, if any, not paid by the Transferor pursuant to the Class A Note Purchase Agreement for the related Distribution Period plus any Class A Deficiency AmountNon-Use Fee due but not paid to the Class A Noteholders on any prior Distribution Date shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class A Noteholders in accordance with Section 6.2;
(iii) an amount equal to the Class A Rated Additional Amounts, if any, for the related Distribution Period plus the amount of any Class A Rated Additional Interest Amounts due but not paid to the Class A Noteholders on any prior Distribution Date shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class A Noteholders in accordance with Section 6.2;
(iv) an amount equal to the Noteholder Servicing Fee for such Distribution Transfer Date, plus the amount of any Class A Additional Interest Noteholder Servicing Fee previously due but not distributed to Class A Noteholders the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) an amount equal to the unpaid Class M Monthly Interest for such Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution AccountAccount for distribution to the Class M Noteholders in accordance with Section 6.2;
(iivi) an amount equal to the unpaid Class M Monthly Interest Non-Use Fee, if any, not paid by the Transferor pursuant to the Class M Note Purchase Agreement for such the related Distribution Date, Period plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously Non-Use Fee due but not distributed paid to the Class M Noteholders on a any prior Distribution Date shall be deposited by the Servicer or the Indenture Trustee into the Distribution AccountAccount for distribution to the Class M Noteholders in accordance with Section 6.2;
(iiivii) an amount equal to the Class M Rated Additional Amounts, if any, for the related Distribution Period plus any Class M Rated Additional Amounts due but not paid to the Class M Noteholders on any prior Distribution Date shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class M Noteholders in accordance with Section 6.2;
(viii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(viix) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Amortization Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viix) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection clause (viix) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiixi) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Cash Collateral Amount over the Available Reserve Account Cash Collateral Amount shall be deposited into the Reserve Cash Collateral Account;
(xii) an amount equal to the amounts required to be deposited in the Spread Account pursuant to subsection 5.11(f) shall be deposited into the Spread Account as provided in Section 4.10(asubsection 5.11(f);
(xiii) an amount equal to the aggregate Class A Unrated Additional Amounts will be paid to the Class A Noteholders; and, in the event of any shortfall in the amount of Available Finance Charge Collections available for distribution in respect of Class A Unrated Additional Amounts, (x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid allocated ratably to each Class A Ownership Tranche in accordance with its Class A Principal Balance and (y) any Available Finance Charge Collections allocated pursuant to clause (x) to any Class A Ownership Tranche in excess of its Class A Unrated Additional Amounts shall be reallocated to each Class A Ownership Tranche that has a remaining shortfall in the Available Finance Charge Collections allocated to it pursuant to clause (xii) in order to cover its Class A Unrated Additional Amounts, which reallocation shall be made ratably in accordance with the Transferor's instructionsportion of the Principal Balances of all remaining Class A Ownership Tranches represented by the Principal Balance of such remaining Class A Ownership Tranche;
(xiv) an amount equal to the aggregate Class M Unrated Additional Amounts will be paid to the Class M Noteholders; and, in the event of any shortfall in the amount of Available Finance Charge Collections available for distribution in respect of Class M Unrated Additional Amounts, (x) the Available Finance Charge Collections shall be allocated ratably to each Class M Ownership Tranche in accordance with its Class M Principal Balance and (y) any Available Finance Charge Collections allocated pursuant to clause (x) to any Class M Ownership Tranche in excess of its Class M Unrated Additional Amounts shall be reallocated to each Class M Ownership Tranche that has a remaining shortfall in the Available Finance Charge Collections allocated to it pursuant to clause (xii) in order to cover its Class M Unrated Additional Amounts, which reallocation shall be made ratably in accordance with the portion of the Principal Balances of all remaining Class M Ownership Tranches represented by the Principal Balance of such remaining Class M Ownership Tranche;
(xv) an amount equal to any payments owed to any Class B Noteholders or any other Person pursuant to any Class B Note Purchase Agreement shall be paid to such Class B Noteholder or other person; and
(xiixvi) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to During the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall will be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Amortization Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Class A Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Class M Monthly Principal remainingPrincipal, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Class B Monthly Principal remainingPrincipal, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(viv) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 6.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iclauses 5.4(a)(i) through (iii) and (xiii) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiclauses 5.4(a)(v) on the preceding Transfer Date, through (vii) and (xiv) and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiclauses 5.4(a)(viii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(exv).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Series 2009 VFN Indenture Supplement (Alliance Data Systems Corp)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit EXHIBIT B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) [on a pari passu basis (A)] an amount equal to Class A Monthly Interest for such Distribution Date, plus PLUS any Class A Deficiency Amount, plus PLUS the amount of any Class A Additional Interest for such Distribution Date, plus PLUS the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[, and (B) any Class A Net Swap Payment for such Distribution Date shall be paid to the Class A Swap Counterparty];
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders [on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
pari passu basis (iii) A)] an amount equal to Class B Monthly Interest for such Distribution Date, plus PLUS any Class B Deficiency Amount, plus PLUS the amount of any Class B Additional Interest for such Distribution Date, plus PLUS the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[, and (B) any Class B Net Swap Payment for such Distribution Date shall be paid to the Class B Swap Counterparty];
(iviii) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus PLUS the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(viv) [reservedon a pari passu basis (A)] an amount equal to Class C Monthly Interest for such Distribution Date, PLUS any Class C Deficiency Amount, PLUS the amount of any Class C Additional Interest for such Distribution Date, PLUS the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[, and (B) any Class C Net Swap Payment for such Distribution Date shall be paid to the Class C Counterparty];
(viv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection SUBSECTION (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiivii) [reserved]an amount equal to the excess, if any, of the Required Cash Collateral Amount OVER the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account;
(ixviii) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section SUBSECTION 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over OVER the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account pursuant to SECTION 4.12(f) shall be deposited into the Spread Account as provided in Section 4.10(aSECTION 4.12(f);
(x) [reservedon a pari passu basis (A) an amount equal to any partial or early termination payments or other additional payments owed to the Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section SECTION 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause CLAUSE (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distributions referred to in CLAUSES (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses CLAUSES (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section SECTION 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section SECTION 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection SECTION 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSECTION 4.4(a)(ii) on and to the preceding Transfer DateClass C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to SECTION 4.4(a)(iv).
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A/B Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balanceuntil paid in full, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal until paid in full, and, if the Early Amortization Period has commenced, any remainder to the Class B Note C Noteholders, the amounts deposited into the Principal BalanceAccumulation Account pursuant to SUBSECTION 4.4(c)(i). On the Class C Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account for payment to the Class C Noteholders the amounts deposited into the Principal Accumulation Account pursuant to SUBSECTION 4.4(c)(i) on the related Transfer Date. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section SECTION 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section SUBSECTION 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Distribution Account and the Distribution Reserve Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to the unpaid Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or the Indenture Trustee into the Distribution AccountAccount for distribution to the Class A Noteholders in accordance with Section 6.2;
(ii) an amount equal to the unpaid Class M Monthly Interest A Non-Use Fee, if any, not paid by the Transferor pursuant to the Class A Note Purchase Agreement for such the related Distribution Date, Period plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously A Non-Use Fee due but not distributed paid to the Class M A Noteholders on a any prior Distribution Date and an amount equal to the Class A Additional Amounts, if any, for the related Distribution Period plus any Class A Additional Amounts due but not paid to the Class A Noteholders on any prior Distribution Date shall be deposited by the Servicer or the Indenture Trustee into the Distribution AccountAccount for distribution to the Class A Noteholders in accordance with Section 6.2;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(viiv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Amortization Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date to the extent needed to pay Monthly Principal on the related Distribution Date;
(viiv) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection clause (viiv) shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Amortization Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date to the extent needed to pay Monthly Principal on the related Distribution Date;
(viii) [reserved];
(ixvi) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a5.9(d)(i);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xiivii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to During the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall will be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.:
(c) On each Transfer Date with respect to following any Monthly Period during the Controlled Accumulation Amortization Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Class A Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(vii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 6.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iclauses 5.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii(ii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Amortization Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (Bread Financial Holdings, Inc.)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series [200 - ] pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $[ ] for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $[ ] for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $[ ] for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) on a pari passu basis based on the amounts owing to the Class A Noteholders [and each Class A Counterparty pursuant to this Section 4.4(a)(iii]: (A) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, [and (B) any Class A Net Swap Payments for such Payment Date and any unpaid Class A Net Swap Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be paid to the Class A Counterparty];
(iv) on a pari passu basis based on the amounts owing to the Class B Noteholders [and each Class B Counterparty pursuant to this Section 4.4(a)(iv)]: (A) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, [and (B) any Class B Net Swap Payment for such Payment Date shall be paid to the Class B Counterparty and any unpaid Class B Net Swap Payments owed to the Class B Counterparty in respect of any prior Payment Date];
(v) on a pari passu basis based on the amounts owing to the Class C Noteholders [reservedand each Class C Counterparty pursuant to this Section 4.4(a)(v)]: (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, [and (B) any Class C Net Swap Payment for such Payment Date and any unpaid Class C Net Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty];
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes issued on any date prior to September 22, 2004 and any Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [on a pari passu basis (A) an amount equal to any amounts designated in writing by the Transferor partial or early termination payments or other additional payments owed to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;]
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series [200 - ] pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series [200 - ] pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer in respect of the Ownership Interest.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As The Issuer shall distribute any funds received in respect of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodOwnership Interest to RFS Holding, L.L.C. as a distribution on RFS Holding, L.L.C.’s beneficial interest in the Collateral Amount shall be reduced by the Surplus Collateral AmountIssuer.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Funding Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to the unpaid Class A Monthly Interest shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for such distribution to the Class A Noteholders in accordance with Section 6.2;
(ii) an amount equal to the unpaid Non-Use Fee, if any, for the related Distribution DatePeriod plus any Non-Use Fee due but not paid to the Class A Noteholders on any prior Distribution Date shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class A Noteholders in accordance with Section 6.2;
(iii) an amount equal to the Class A Rated Additional Amounts, if any, for the related Distribution Period plus any Class A Deficiency Amount, plus Rated Additional Amounts due but not paid to the amount of any Class A Additional Interest Noteholders on any prior Distribution Date shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class A Noteholders in accordance with Section 6.2;
(iv) an amount equal to the Noteholder Servicing Fee for such Distribution Transfer Date, plus the amount of any Class A Additional Interest Noteholder Servicing Fee previously due but not distributed to Class A Noteholders the Servicer on a prior Distribution Date Transfer Date, shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution AccountServicer;
(iiv) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iiivi) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(vivii) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Amortization Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viiviii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection clause (viiviii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Cash Collateral Amount over the Available Reserve Account Cash Collateral Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Cash Collateral Account;
(x) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to subsection 5.11(f) shall be deposited into the Spread Account as provided in subsection 5.11(f);
(xi) any amounts designated in writing by the Transferor an amount equal to the Servicer and Indenture Trustee as amounts to aggregate Class A Unrated Additional Amounts will be paid from to the Class A Noteholders; and, in the event of any shortfall in the amount of Available Finance Charge Collections available for distribution in respect of Class A Unrated Additional Amounts, (x) the Available Finance Charge Collections shall be paid allocated ratably to each Ownership Tranche in accordance with its Class A Principal Balance and (y) any Available Finance Charge Collections allocated pursuant to clause (x) to any Ownership Tranche in excess of its Class A Unrated Additional Amounts shall be reallocated to each Ownership Tranche that has a remaining shortfall in the Available Finance Charge Collections allocated to it pursuant to clause (x) in order to cover its Class A Unrated Additional Amounts, which reallocation shall be made ratably in accordance with the Transferor's instructionsportion of the Principal Balances of all remaining Ownership Tranches represented by the Principal Balance of such remaining Ownership Tranche;
(xii) an amount equal to any payments owed to any Class M Noteholders or any other Person pursuant to any Class M Note Purchase Agreement shall be paid to such Class M Noteholder or other person;
(xiii) an amount equal to any payments owed to any Class B Noteholders or any other Person pursuant to any Class B Note Purchase Agreement shall be paid to such Class B Noteholder or other person; and
(xiixiv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to During the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall will be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Amortization Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Class A Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Class M Monthly Principal remainingPrincipal, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Class B Monthly Principal remainingPrincipal, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(viv) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 6.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iclauses 5.4(a)(i) through (iii) and (xi) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiclauses 5.4(a)(v) on the preceding Transfer Date, and (xii) and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiclauses 5.4(a)(vi) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(exiii).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) [on a pari passu basis based on the amounts owing to the Class A Noteholders and the Class A Counterparty pursuant to this subsection 4.4(a)(i): (A)] an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date Date[, plus (B) an amount equal to the Class A Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) [on a pari passu basis based on the amounts owing to the Class M Noteholders and the Class M Counterparty pursuant to this subsection 4.4(a)(ii): (A)] an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date Date[, plus (B) an amount equal to the Class M Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) [on a pari passu basis based on the amounts owing to the Class B Noteholders and the Class B Counterparty pursuant to this subsection 4.4(a)(iii): (A)] an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date Date[, plus (B) an amount equal to the Class B Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and the Class C Counterparty pursuant to this subsection 4.4(a)(v): (A)] an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date[, plus (B) an amount equal to the Class C Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(vi) [[on a pari passu basis based on the amounts owing to the Class D Noteholders and the Class D Counterparty pursuant to this subsection 4.4(a)(vi): (A)] an amount equal to Class D Monthly Interest for such Distribution Date, plus any Class D Deficiency Amount, plus the amount of any Class D Additional Interest for such Distribution Date, plus the amount of any Class D Additional Interest previously due but not distributed to the Class D Noteholders on a prior Distribution Date[, plus (B) an amount equal to the Class D Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;]
(vii) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viiviii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiviii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiiix) [reservedan amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account as provided in subsection 4.11(b);];
(ixx) [an amount equal to Class D Monthly Interest for such Distribution Date, plus any Class D Deficiency Amount, plus the amount of any Class D Additional Interest for such Distribution Date, plus the amount of any Class D Additional Interest previously due but not distributed to the Class D Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;]
(xi) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(xxii) [reservedon each Transfer Date during the Funding Period, an amount equal to the excess, if any, of the Required Funding Period Reserve Amount over the Available Funding Period Reserve Amount shall be deposited into the Funding Period Reserve Account as provided in subsection 4.19(c);];
(xixiii) [an amount equal to the amounts required to be deposited in the Spread Account pursuant to subsection 4.11(f) shall be deposited into the Spread Account as provided in subsection 4.11(f);]
(xiv) [on a pari passu basis based on the amounts owing to each Counterparty pursuant to this subsection 4.4(a)(xiv): (A) an amount equal to any partial or early termination payments or other additional payments owed to the Class A Counterparty under the Class A Derivatives Agreement shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class M Counterparty under the Class M Derivatives Agreement shall be paid to the Class M Counterparty, (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Derivatives Agreement shall be paid to the Class B Counterparty and (D) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Derivatives Agreement shall be paid to the Class C Counterparty;]
(xv) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xiixvi) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; ;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full;
(vi) [during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (v) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class D Noteholders on the related Distribution Date until the Class D Note Principal Balance has been paid in full;] and
(vvii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivvi) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, and to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date[,] [and] to the Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(v) on the preceding Transfer Date [and to the Class D Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(x) on the preceding Transfer Date].
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, [to the Class B Noteholders, an amount equal to the Class B Note Principal Balance], fourth[,] [and] [to the Class C Noteholders, an amount equal to the Class C Note Principal Balance] [and fifth, to the Class D Noteholders, an amount equal to the Class D Note Principal Balance]. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders Noteholders, the [Class B Noteholders][,] [and] [the Class C Noteholders] [and the Class B D Noteholders], as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) [As of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Principal Collections allocated to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series 20[_]-[_] Notes that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.]
Appears in 1 contract
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) [on a pari passu basis based on the amounts owing to the Class A Noteholders and the Class A Counterparty pursuant to this subsection 4.4(a)(i): (A)] an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date Date[, plus (B) an amount equal to the Class A Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) [on a pari passu basis based on the amounts owing to the Class M Noteholders and the Class M Counterparty pursuant to this subsection 4.4(a)(ii): (A)] an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date Date[, plus (B) an amount equal to the Class M Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) [on a pari passu basis based on the amounts owing to the Class B Noteholders and the Class B Counterparty pursuant to this subsection 4.4(a)(iii): (A)] an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date Date[, plus (B) an amount equal to the Class B Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and the Class C Counterparty pursuant to this subsection 4.4(a)(v): (A)] an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date[, plus (B) an amount equal to the Class C Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(vi) [[on a pari passu basis based on the amounts owing to the Class D Noteholders and the Class D Counterparty pursuant to this subsection 4.4(a)(vi): (A)] an amount equal to Class D Monthly Interest for such Distribution Date, plus any Class D Deficiency Amount, plus the amount of any Class D Additional Interest for such Distribution Date, plus the amount of any Class D Additional Interest previously due but not distributed to the Class D Noteholders on a prior Distribution Date[, plus (B) an amount equal to the Class D Net Derivatives Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;]
(vii) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viiviii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiviii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiiix) [reservedan amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account as provided in subsection 4.11(b);];
(ixx) [an amount equal to Class D Monthly Interest for such Distribution Date, plus any Class D Deficiency Amount, plus the amount of any Class D Additional Interest for such Distribution Date, plus the amount of any Class D Additional Interest previously due but not distributed to the Class D Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;]
(xi) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section subsection 4.10(a);
(xxii) [reservedon each Transfer Date during the Funding Period, an amount equal to the excess, if any, of the Required Funding Period Reserve Amount over the Available Funding Period Reserve Amount shall be deposited into the Funding Period Reserve Account as provided in subsection 4.19(c);];
(xixiii) [an amount equal to the amounts required to be deposited in the Spread Account pursuant to subsection 4.11(f) shall be deposited into the Spread Account as provided in subsection 4.11(f);]
(xiv) [on a pari passu basis based on the amounts owing to each Counterparty pursuant to this subsection 4.4(a)(xiv): (A) an amount equal to any partial or early termination payments or other additional payments owed to the Class A Counterparty under the Class A Derivatives Agreement shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class M Counterparty under the Class M Derivatives Agreement shall be paid to the Class M Counterparty, (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Derivatives Agreement shall be paid to the Class B Counterparty and (D) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Derivatives Agreement shall be paid to the Class C Counterparty;]
(xv) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xiixvi) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; ;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full;
(vi) [during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (v) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class D Noteholders on the related Distribution Date until the Class D Note Principal Balance has been paid in full;] and
(vvii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivvi) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date[,] [and] to the Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(v) on the preceding Transfer Date [and to the Class D Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(x) on the preceding Transfer Date].
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance, fourth[,] [and] to the Class C Noteholders, an amount equal to the Class C Note Principal Balance [and fifth, to the Class D Noteholders, an amount equal to the Class D Note Principal Balance]. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and Noteholders, the Class B Noteholders[,] [and] the Class C Noteholders [and the Class D Noteholders], as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section subsection 4.4(e).
(f) [As of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Principal Collections allocated to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series 201[•]-[•] Notes that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.]
Appears in 1 contract
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to the unpaid Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or the Indenture Trustee into the Distribution AccountAccount for distribution to the Class A Noteholders in accordance with Section 6.2;
(ii) an amount equal to the unpaid Class M Monthly Interest A Non-Use Fee, if any, not paid by the Transferor pursuant to the Class A Note Purchase Agreement for such the related Distribution Date, Period plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously A Non-Use Fee due but not distributed paid to the Class M A Noteholders on a any prior Distribution Date and an amount equal to the Class A Additional Amounts, if any, for the related Distribution Period plus any Class A Additional Amounts due but not paid to the Class A Noteholders on any prior Distribution Date shall be deposited by the Servicer or the Indenture Trustee into the Distribution AccountAccount for distribution to the Class A Noteholders in accordance with Section 6.2; provided, that the amounts distributed pursuant to this clause 5.4(a)(ii) shall not exceed 0.50% of the Weighted Average Collateral Amount over the Distribution Period;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(viiv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Amortization Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date to the extent needed to pay Monthly Principal on the related Distribution Date;
(viiv) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection clause (viiv) shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Amortization Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date to the extent needed to pay Monthly Principal on the related Distribution Date;
(viiivi) [reserved];
(ixvii) on each Transfer Date from and after the Reserve Account Funding Date, but prior any amounts not distributed pursuant to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, clause 5.4(a)(ii) because of the Required Reserve Account Amount over the Available Reserve Account Amount proviso in such clause shall be withdrawn from the Finance Charge Account and deposited into the Reserve Distribution Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor for distribution to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructionsClass A Noteholders; and
(xiiviii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to During the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall will be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.:
(c) On each Transfer Date with respect to following any Monthly Period during the Controlled Accumulation Amortization Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Class A Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(vii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 6.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iclauses 5.4(a)(i), (ii) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii(vii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Amortization Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (Bread Financial Holdings, Inc.)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[reserved];
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account[reserved];
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full;
(vi) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (v) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class D Noteholders on the related Distribution Date until the Class D Note Principal Balance has been paid in full; and
(vvii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivvi) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance, fourth, to the Class C Noteholders, an amount equal to the Class C Note Principal Balance and fifth, to the Class D Noteholders, an amount equal to the Class D Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders, the Class C Noteholders and the Class B D Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (World Financial Network Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following prioritypriority from funds on deposit in the Finance Charge Account:
(i) on a pari passu basis (A) to the extent not otherwise paid by the Transferor, an amount equal sufficient to Class A Monthly Interest for such Distribution Datepay the accrued and unpaid fees and other amounts owed to the Trustee, plus any Class A Deficiency Amountto the extent allocated to Series 2014-[—], plus the up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into to the Distribution Account;
Account and (ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ivB) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer on a prior Transfer Date, shall be distributed deposited to the ServicerDistribution Account;
(ii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited to the Distribution Account;
(iii) to the extent not otherwise paid by or on behalf of the Transferor, an amount sufficient to pay the unpaid Class A Non-Use Fee, if any, for the related Interest Period plus any Class A Non-Use Fee due but not paid to the Class A Noteholders on any prior Payment Date shall be deposited to the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited to the Distribution Account;
(v) [reserved]to the extent not otherwise paid by or on behalf of the Transferor, an amount sufficient to pay the unpaid Class B Non-Use Fee, if any, for the related Interest Period plus any Class B Non-Use Fee due but not paid to the Class B Noteholders on any prior Payment Date shall be deposited to the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal 22 Indenture Supplement Series 2014-[—] Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Amortization Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Amortization Period or Early Amortization Period, shall be deposited into the Principal Account on such Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal sufficient to pay the excessaggregate Class A Reimbursement Amounts, if any, of for the Required Reserve Account Amount over related Interest Period, plus any Class A Reimbursement Amounts due but not paid to the Available Reserve Account Amount Class A Noteholders on any prior Payment Date shall be deposited into to the Reserve Account as provided in Section 4.10(a)Distribution Account;
(x) [reserved]an amount sufficient to pay the aggregate Class B Reimbursement Amounts, if any, for the related Interest Period, plus any Class B Reimbursement Amounts due but not paid to the Class B Noteholders on any prior Payment Date shall be deposited to the Distribution Account;
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be distributed to the Holder in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be distributable to the Holder, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xi)), and second, any amounts remaining after payment in full of the Monthly Principal shall be distributed to the Holder.
(b) On or prior to each Transfer Payment Date with respect to the Revolving PeriodPeriod that is an Optional Amortization Date, an amount equal to the Available Principal Collections for the related Monthly Period shall be withdrawn from the Principal Account and, together with any Additional Funds, shall be deposited into the Distribution Account and applied as follows: (i) an amount equal to the Optional Amortization Amount shall be paid to the Class A Noteholders and the Class B Noteholders as specified in Section 2.2(b), and (ii) any remaining Available Principal Collections shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date Payment Date, with respect to the Controlled Accumulation Amortization Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period together with any Additional Funds shall be distributed paid or deposited in the following order of prioritypriority from funds on deposit in the Principal Account:
(i) during the Controlled Accumulation Period, an amount equal to the Class A Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Payment Date shall be deposited into the Distribution Account and on such Transfer Payment Date and on each subsequent Transfer Date for payment shall be paid to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Class B Monthly Principal remaining, if any, for such Payment Date shall be deposited into the Distribution Account and on such Transfer Payment Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment paid to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(iii) an amount equal to the Optional Amortization Amount, if any, for such Payment Date shall be deposited into the Distribution Account and on such Payment Date shall be paid to the Class A Noteholders and the Class B Noteholders as specified in Section 2.2(b); and
(viv) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iviii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay from the Distribution Account (i) on a pari passu basis, the amount deposited pursuant to clauses (A) and (B) of Section 4.4(a)(i) to the Trustee and the Servicer, as applicable, and (ii) in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount amounts deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(ii) on the preceding Transfer Date, such Payment Date and to the Class M Noteholders from the Distribution AccountB Noteholders, the amount amounts deposited into the Distribution Account pursuant to subsection 4.4(a)(iiSection 4.4(a)(iv) on the preceding Transfer such Payment Date, and to the Class B Noteholders from the Distribution Account, the amount .
(e) The Issuer shall pay out of amounts deposited into the Distribution Account pursuant to subsection Sections 4.4(a)(iii) on the preceding Transfer Date.
), (e) On the earlier to occur of v), (i) the first Transfer Date with respect to the Early Amortization Period ix), and (iix) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, in the amounts deposited for following order of priority, (i) the account of such Noteholders into Class A Non-Use Fee, (ii) the Distribution Account pursuant to this Section 4.4(e)Class B Non-Use Fee, (iii) the Class A Reimbursement Amounts and (iv) the Class B Reimbursement Amounts.
(f) As of any Distribution Payment Date during the Controlled Accumulation Amortization Period or Early Amortization PeriodPeriod on which Principal Collections allocated to Series 2014-[—] are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to Series 2014-[—] that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(g) On each Optional Amortization Date that is not a Payment Date, Additional Funds and Available Principal Collections in the amount of the Optional Amortization Amount shall be deposited into the Distribution Account and shall be paid to the Class A Noteholders and the Class B Noteholders ratably in accordance with the allocation of such Optional Amortization Amount among the Class A Notes and the Class B Notes as specified in Section 2.2(b).
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, The Servicer shall apply (if the Seller is the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture TrusteeCollection Account is maintained with the Seller) or shall cause the Trustee to apply, acting in accordance with such instructions, shall withdraw on such Transfer Date or related each Distribution Date, as applicableAvailable Finance Charge Collections, Reallocated Principal Collections and Available Principal Collections on deposit in the Collection Account with respect to such Distribution Date, to make the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Distribution Date, an amount equal to the Available Finance Charge Collections with respect to the related such Distribution Date will shall be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus the amount of any Class A Deficiency AmountMonthly Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of Date and any Class A Additional Interest previously due but not distributed to Class A Noteholders Certificateholders on a prior Distribution Date Date, shall be deposited by distributed to the Servicer or Indenture Trustee into Paying Agent for payment to the Distribution AccountClass A Certificateholders;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus the amount of any Class B Deficiency AmountMonthly Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of Date and any Class B Additional Interest previously due but not distributed to Class B Noteholders Certificateholders on a prior Distribution Date Date, shall be deposited by distributed to the Servicer or Indenture Trustee into Paying Agent for payment to the Distribution AccountClass B Certificateholders;
(iviii) an amount equal to the Noteholder Monthly Servicing Fee for such Transfer Distribution Date, plus the amount of any Noteholder Monthly Servicing Fee previously due but not distributed to the Servicer on a any prior Transfer Distribution Date, shall be distributed to the ServicerServicer (unless such amount has been netted against deposits to the Collection Account in accordance with Section 4.03(a) of the Agreement);
(v) [reserved];
(viiv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Class A Defaulted Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date;
(v) an amount equal to the aggregate amount of Class A Charge-Offs that have not been previously reimbursed shall be treated as a portion of Available Principal Collections for such Distribution Date;
(vi) an amount equal to Class B Subordinated Monthly Interest for such Distribution Date, plus the amount of any Class B Subordinated Monthly Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, plus the amount of any Class B Subordinated Additional Interest for such Distribution Date andand any Class B Subordinated Additional Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, during shall be distributed to the Controlled Accumulation Period or Paying Agent for payment to the Early Amortization Period, deposited into the Principal Account on the related Transfer DateClass B Certificateholders;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) Class B Defaulted Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved]an amount equal to the aggregate amount by which the Class B Invested Amount has been reduced pursuant to clauses (c) and (d) of the definition of "Class B Invested Amount" (but not in excess of the amount of such reductions that have not been previously reimbursed) shall be treated as a portion of Available Principal Collections with respect to such Distribution Date;
(ix) an amount equal to the Collateral Monthly Interest for such Distribution Date, plus the amount of any Collateral Monthly Interest previously due but not paid to the Collateral Interest Holder on any prior Distribution Date, plus the amount of any Collateral Additional Interest for such Distribution Date and any Collateral Additional Interest previously due but not paid to the Collateral Interest Holder on a prior Distribution Date, shall be paid to the Collateral Interest Holder for application in accordance with the Collateral Agreement;
(x) an amount equal to the Collateral Defaulted Amount for such Distribution Date shall be treated as a portion of Available Principal Collections with respect to such Distribution Date;
(xi) on each Transfer Distribution Date from and after the Class A Reserve Account Funding Date, but prior to the date on which the Class A Reserve Account terminates as described in Section 4.09(f), an amount up to the excess, if any, of the Class A Required Reserve Account Amount over the Class A Available Reserve Account Amount shall be deposited into the Class A Reserve Account;
(xii) on each Distribution Date from and after the Class B Reserve Account Funding Date, but prior to the date on which the Class B Reserve Account terminates as described in Section 4.10(f), an amount equal up to the excess, if any, of the Class B Required Reserve Account Amount over the Class B Available Reserve Account Amount shall be deposited into the Class B Reserve Account as provided in Section 4.10(a)Account;
(xxiii) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for aggregate amount by which the related Monthly Period Collateral Invested Amount has been reduced pursuant to clauses (c) and (d) of the definition of "Collateral Invested Amount" (but not in excess of the amount of such reductions that have not been previously reimbursed) shall be treated as Shared a portion of Available Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation AccountDistribution Date;
(iixiv) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note D Defaulted Amount for such Distribution Date shall be treated as a portion of Available Principal Balance, second, Collections with respect to the Class M Noteholders, such Distribution Date;
(xv) an amount equal to the Class M Note Principal Balance, and third, to aggregate amount by which the Class B Noteholders, an amount equal D Invested Amount has been reduced pursuant to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions clauses (c) and (d) of the Servicer, shall definition of "Class D Invested Amount" (but not in accordance with Section 5.2 pay from excess of the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account amount of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.reductions that have not been previously
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Providian National Bank /New/)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) [on a pari passu basis based on the amounts owing to the Class A Noteholders and the Class A Counterparty pursuant to this subsection 4.4(a)(i): (A)] an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date Date[, plus (B) an amount equal to the Class A Net Swap Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) [on a pari passu basis based on the amounts owing to the Class M Noteholders and the Class M Counterparty pursuant to this subsection 4.4(a)(i): (A)] an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date Date[, plus (B) an amount equal to the Class M Net Swap Amount] shall be deposited by the Servicer or Indenture Trustee into the Distribution AccountPayment;
(iii) [on a pari passu basis based on the amounts owing to the Class B Noteholders and the Class B Counterparty pursuant to this subsection 4.4(a)(i): (A)] an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date Date[, plus (B) an amount equal to the Class B Net Swap Amount] shall be deposited by the Servicer or Indenture Trustee into the Distribution AccountPayment;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and the Class C Counterparty pursuant to this subsection 4.4(a)(i): (A)] an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date[, plus (B) an amount equal to the Class C Net Swap Payment] shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reservedan amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account as provided in subsection 4.11(b);];
(ix) [an amount equal to Class D Monthly Interest for such Distribution Date, plus any Class D Deficiency Amount, plus the amount of any Class D Additional Interest for such Distribution Date, plus the amount of any Class D Additional Interest previously due but not distributed to the Class D Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;]
(x) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section subsection 4.10(a);
(xxi) [reservedon each Transfer Date during the Funding Period, an amount equal to the excess, if any, of the Required Funding Period Reserve Amount over the Available Funding Period Reserve Amount shall be deposited into the Funding Period Reserve Account as provided in subsection 4.19(c);]
(xii) an amount equal to the amounts required to be deposited in the Spread Account pursuant to subsection 4.11(f) shall be deposited into the Spread Account as provided in subsection 4.11(f);
(xixiii) [on a pari passu basis based on the amounts owing to each Counterparty pursuant to this subsection 4.4(a)(xiii): (A) an amount equal to any partial or early termination payments or other additional payments owed to the Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class M Counterparty under the Class M Swap shall be paid to the Class M Counterparty, (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (D) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;]
(xiv) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xiixv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; ;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full;
(vi) [during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii) through (v) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class D Noteholders on the related Distribution Date until the Class D Note Principal Balance has been paid in full;] and
(vvii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivvi) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date[,] [and] to the Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(v) on the preceding Transfer Date [and to the Class D Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ix) on the preceding Transfer Date].
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance, fourth[,] [and] to the Class C Noteholders, an amount equal to the Class C Note Principal Balance [and fifth, to the Class D Noteholders, an amount equal to the Class D Note Principal Balance]. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and Noteholders, the Class B Noteholders[,] [and] the Class C Noteholders [and the Class D Noteholders], as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section subsection 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2007-3 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) on a pari passu basis based on the amounts owing to the Class A-1 Noteholders, the Class A-2 Noteholders and each Class A-1 Counterparty pursuant to this Section 4.4(a)(iii): (A) an amount equal to Class A-1 Monthly Interest for such Payment Date, plus any Class A-1 Deficiency Amount, plus the amount of any Class A-1 Additional Interest for such Payment Date, plus the amount of any Class A-1 Additional Interest previously due but not paid to Class A-1 Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, (B) an amount equal to Class A-2 Monthly Interest for such Payment Date, plus any Class A-2 Deficiency Amount, plus the amount of any Class A-2 Additional Interest for such Payment Date, plus the amount of any Class A-2 Additional Interest previously due but not paid to Class A-2 Noteholders on a prior Payment Date, shall be deposited into the Distribution Account and (C) any Class A-1 Senior Swap Payment for such Payment Date and any unpaid Class A-1 Senior Swap Payments owed to the Class A-1 Counterparty in respect of any prior Payment Date shall be paid to the Class A-1 Counterparty;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and each Class C Counterparty pursuant to this Section 4.4(a)(v): (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, and (B) any Class C Senior Swap Payment for such Payment Date and any unpaid Class C Senior Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes issued on any date prior to September 22, 2004 and any Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) an amount equal to any amounts designated in writing by the Transferor Subordinated Termination Payments owing to the Servicer Class A Counterparty and Indenture Trustee as any other amounts owing to be paid from Available Finance Charge Collections the Class A-1 Counterparty under the Class A-1 Swap shall be paid to the Class A Counterparty;
(xii) [Reserved];
(xiii) an amount equal to any Subordinated Termination Payments owing to the Class C Counterparty and any other amounts owing to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xiv) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series 2007-3 pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xv)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2007-3 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xiv) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer in respect of the Ownership Interest.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A A-1 Noteholders and the Class A-2 Noteholders on a pari passu basis, based on the amounts owing to the Class A-1 Noteholders and the Class A-2 Noteholders respectively pursuant to Section 4.4(a)(iii), from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A NoteholdersA-1 Noteholders and the Class A-2 Noteholders on a pari passu basis based on the Class A-1 Note Principal Balance and the Class A-2 Note Principal Balance, an amount equal to respectively, until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As The Issuer shall distribute any funds received in respect of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodOwnership Interest to RFS Holding, L.L.C. as a distribution on RFS Holding, L.L.C.’s beneficial interest in the Collateral Amount shall be reduced by the Surplus Collateral AmountIssuer.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2013-1 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2013-1 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2013-1 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; and third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) to pay, on a pari passu basis, the following amounts, to the extent allocated to Series 20[●]-[●] pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of $25,000 for each calendar year, (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of $25,000 for each calendar year and (C) the payment to the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar year;
(ii) an amount equal to the Noteholder Servicing Fee for the related Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not paid by the Issuer on a prior Payment Date, shall be paid to the Servicer;
(iii) on a pari passu basis based on the amounts owing to the Class A Noteholders [and each Class A Counterparty pursuant to this Section 4.4(a)(iii]: (A) an amount equal to Class A Monthly Interest for such Distribution Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Payment Date, plus the amount of any Class A Additional Interest previously due but not distributed paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account [and (B) any Class A Net Derivatives Payments for such Payment Date and any unpaid Class A Net Derivatives Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be deposited by paid to the Servicer or Indenture Trustee into the Distribution AccountClass A Counterparty];
(iiiv) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by pari passu basis based on the Servicer or Indenture Trustee into amounts owing to the Distribution Account;
Class B Noteholders [and each Class B Counterparty pursuant to this Section 4.4(a)(iv)]: (iiiA) an amount equal to Class B Monthly Interest for such Distribution Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Payment Date, plus the amount of any Class B Additional Interest previously due but not distributed paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account [and (B) any Class B Net Derivatives Payment for such Payment Date shall be deposited by paid to the Servicer or Indenture Trustee into Class B Counterparty and any unpaid Class B Net Derivatives Payments owed to the Distribution AccountClass B Counterparty in respect of any prior Payment Date];
(ivv) on a pari passu basis based on the amounts owing to the Class C Noteholders [and each Class C Counterparty pursuant to this Section 4.4(a)(v)]: (A) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Noteholder Servicing Fee Class C Additional Interest previously due but not distributed paid to the Servicer Class C Noteholders on a prior Transfer Payment Date, shall be distributed deposited into the Distribution Account [and (B) any Class C Net Derivatives Payment for such Payment Date and any unpaid Class C Net Derivatives Payments owed to the Servicer;
(v) [reservedClass C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty];
(vi) on a pari passu basis based on the amounts owing to the Class D Noteholders [and each Class D Counterparty pursuant to this Section 4.4(a)(vi)]: (A) an amount equal to Class D Monthly Interest for such Payment Date, plus any Class D Deficiency Amount, plus the amount of any Class D Additional Interest for such Payment Date, plus the amount of any Class D Additional Interest previously due but not paid to Class D Noteholders on a prior Payment Date shall be deposited into the Distribution Account [and (B) any Class D Net Derivatives Payment for such Payment Date and any unpaid Class D Net Derivatives Payments owed to the Class D Counterparty in respect of any prior Payment Date shall be paid to the Class D Counterparty];
(vii) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vii) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(viiviii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(viii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) [(A) an amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account as provided in subsection 4.17(b);] [and][,] [(A)][(B)] [after making the deposit described in clause (A),] [on each Transfer Date during the Funding Period, an amount equal to the excess, if any, of the Required Funding Period Reserve Amount over the Available Funding Period Reserve Amount shall be deposited into the Funding Period Reserve Account as provided in subsection 4.19(c)] [and [(B)][(C)]] on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(x) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.11(e) shall be deposited into the Spread Account;
(xi) any amounts designated without duplication of the amount specified in writing by the Transferor clause (vii)(B) of this Section 4.4(a), an amount equal to the Servicer and Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Trustee Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as amounts a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xii) [on a pari passu basis (A) an amount equal to be paid from Available Finance Charge Collections any partial or early termination payments or other additional payments owed to the Class A Counterparty under the Class A Derivatives Agreement shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Derivatives Agreement shall be paid to the Class B Counterparty, (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Derivatives Agreement shall be paid to the Class C Counterparty and (D) an amount equal to any partial or early termination payments or other additional payments owed to the Class D Counterparty under the Class D Derivatives Agreement;]
(xiii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series 20[●]-[●] pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixiv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided, that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiv)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 20[●]-[●] pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xiii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied allocated in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and fourth to the Class D Noteholders until the Class D Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date, to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date and to the Class D Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(vi) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal to until the Class B Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account full; third to the Class A Noteholders, C Noteholders until the Class M Noteholders C Principal Balance is paid in full; and fourth to the Class B Noteholders, as applicable, D Noteholders until the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)Class D Note Principal Balance is paid in full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Principal Collections allocated to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series issued pursuant to this Indenture Supplement that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (Synchrony Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2005-3 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) on a pari passu basis based on the amounts owing to the Class B Noteholders and each Class B Counterparty pursuant to this Section 4.4(a)(iv): (A) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class B Net Swap Payment for such Payment Date shall be paid to the Class B Counterparty and any unpaid Class B Net Swap Payments owed to the Class B Counterparty in respect of any prior Payment Date;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and each Class C Counterparty pursuant to this Section 4.4(a)(v): (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, and (B) any Class C Net Swap Payment for such Payment Date and any unpaid Class C Net Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes issued on any date prior to September 22, 2004 and any Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) on a pari passu basis (A) an amount equal to any amounts designated in writing by the Transferor partial or early termination payments or other additional payments owed to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series 2005-3 pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2005-3 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer in respect of the Ownership Interest.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As The Issuer shall distribute any funds received in respect of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodOwnership Interest to RFS Holding, L.L.C. as a distribution on RFS Holding, L.L.C.’s beneficial interest in the Collateral Amount shall be reduced by the Surplus Collateral AmountIssuer.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Funding Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to the unpaid Class A Monthly Interest for such Distribution DateDate shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class A Noteholders in accordance with Section 6.2;
(ii) an amount equal to the unpaid Class A Non-Use Fee, if any, not paid by the Transferor pursuant to the Class A Note Purchase Agreement for the related Distribution Period plus any Class A Deficiency AmountNon-Use Fee due but not paid to the Class A Noteholders on any prior Distribution Date shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class A Noteholders in accordance with Section 6.2;
(iii) an amount equal to the Class A Rated Additional Amounts, if any, for the related Distribution Period plus the amount of any Class A Rated Additional Interest Amounts due but not paid to the Class A Noteholders on any prior Distribution Date shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class A Noteholders in accordance with Section 6.2;
(iv) an amount equal to the Noteholder Servicing Fee for such Distribution Transfer Date, plus the amount of any Class A Additional Interest Noteholder Servicing Fee previously due but not distributed to Class A Noteholders the Servicer on a prior Distribution Date Transfer Date, shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution AccountServicer;
(iiv) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iiivi) [RESERVED];
(vii) [RESERVED];
(viii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(viix) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Amortization Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viix) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection clause (viix) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiixi) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Cash Collateral Amount over the Available Reserve Account Cash Collateral Amount shall be deposited into the Reserve Cash Collateral Account;
(xii) an amount equal to the amounts required to be deposited in the Spread Account pursuant to subsection 5.11(f) shall be deposited into the Spread Account as provided in Section 4.10(asubsection 5.11(f);
(xiii) an amount equal to the aggregate Class A Unrated Additional Amounts will be paid to the Class A Noteholders; and, in the event of any shortfall in the amount of Available Finance Charge Collections available for distribution in respect of Class A Unrated Additional Amounts, (x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid allocated ratably to each Class A Ownership Tranche in accordance with its Class A Principal Balance and (y) any Available Finance Charge Collections allocated pursuant to clause (x) to any Class A Ownership Tranche in excess of its Class A Unrated Additional Amounts shall be reallocated to each Class A Ownership Tranche that has a remaining shortfall in the Available Finance Charge Collections allocated to it pursuant to clause (xii) in order to cover its Class A Unrated Additional Amounts, which reallocation shall be made ratably in accordance with the Transferor's instructionsportion of the Principal Balances of all remaining Class A Ownership Tranches represented by the Principal Balance of such remaining Class A Ownership Tranche;
(xiv) an amount equal to any payments owed to any Class M Noteholders or any other Person pursuant to any Class M Note Purchase Agreement shall be paid to such Class M Noteholder or other person;
(xv) an amount equal to any payments owed to any Class B Noteholders or any other Person pursuant to any Class B Note Purchase Agreement shall be paid to such Class B Noteholder or other person; and
(xiixvi) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to During the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall will be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Amortization Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Class A Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Class M Monthly Principal remainingPrincipal, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Class B Monthly Principal remainingPrincipal, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(viv) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 6.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iclauses 5.4(a)(i) through (iii) and (xiii) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiclauses 5.4(a)(v) on the preceding Transfer Date, through (vii) and (xiv) and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiclauses 5.4(a)(viii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(exv).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2005-1 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) on a pari passu basis based on the amounts owing to the Class A Noteholders and each Class A Counterparty pursuant to this Section 4.4(a)(iii): (A) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class A Net Swap Payments for such Payment Date and any unpaid Class A Net Swap Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be paid to the Class A Counterparty;
(iv) on a pari passu basis based on the amounts owing to the Class B Noteholders and each Class B Counterparty pursuant to this Section 4.4(a)(iv): (A) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class B Net Swap Payment for such Payment Date shall be paid to the Class B Counterparty and any unpaid Class B Net Swap Payments owed to the Class B Counterparty in respect of any prior Payment Date;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and each Class C Counterparty pursuant to this Section 4.4(a)(v): (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, and (B) any Class C Net Swap Payment for such Payment Date and any unpaid Class C Net Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes issued on any date prior to September 22, 2004 and any Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) on a pari passu basis (A) an amount equal to any amounts designated in writing by the Transferor partial or early termination payments or other additional payments owed to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series 2005-1 pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2005-1 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer in respect of the Ownership Interest.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As The Issuer shall distribute any funds received in respect of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodOwnership Interest to RFS Holding, L.L.C. as a distribution on RFS Holding, L.L.C.’s beneficial interest in the Collateral Amount shall be reduced by the Surplus Collateral AmountIssuer.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, The Servicer shall apply (if FDNB is the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture TrusteeCollection Account is maintained with FDNB) or shall cause the Trustee to apply, acting in accordance with such instructions, shall withdraw on such Transfer Date or related each Distribution Date, as applicableAvailable Finance Charge Collections, Reallocated Principal Collections and Available Principal Collections on deposit in the Collection Account with respect to such Distribution Date, to make the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Distribution Date, an amount equal to the Available Finance Charge Collections with respect to the related such Distribution Date will shall be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus the amount of any Class A Deficiency AmountMonthly Interest previously due but not distributed to Class A Certificateholders on a prior Distribution Date, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of Date and any Class A Additional Interest previously due but not distributed to Class A Noteholders Certificateholders on a prior Distribution Date Date, shall be deposited by distributed to the Servicer or Indenture Trustee into Paying Agent for payment to the Distribution AccountClass A Certificateholders;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus the amount of any Class B Deficiency AmountMonthly Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of Date and any Class B Additional Interest previously due but not distributed to Class B Noteholders Certificateholders on a prior Distribution Date Date, shall be deposited by distributed to the Servicer or Indenture Trustee into Paying Agent for payment to the Distribution AccountClass B Certificateholders;
(iviii) an amount equal to the Noteholder Monthly Servicing Fee for such Transfer Distribution Date, plus the amount of any Noteholder Monthly Servicing Fee previously due but not distributed to the Servicer on a any prior Transfer Distribution Date, shall be distributed to the ServicerServicer (unless such amount has been netted against deposits to the Collection Account in accordance with Section 4.03(a) of the Agreement);
(v) [reserved];
(viiv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Class A Defaulted Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date;
(v) an amount equal to the aggregate amount of Class A Charge-Offs that have not been previously reimbursed shall be treated as a portion of Available Principal Collections for such Distribution Date;
(vi) an amount equal to Class B Subordinated Monthly Interest for such Distribution Date, plus the amount of any Class B Subordinated Monthly Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, plus the amount of any Class B Subordinated Additional Interest for such Distribution Date andand any Class B Subordinated Additional Interest previously due but not distributed to Class B Certificateholders on a prior Distribution Date, during shall be distributed to the Controlled Accumulation Period or Paying Agent for payment to the Early Amortization Period, deposited into the Principal Account on the related Transfer DateClass B Certificateholders;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) Class B Defaulted Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved]an amount equal to the aggregate amount by which the Class B Invested Amount has been reduced pursuant to clauses (c) and (d) of the definition of "Class B Invested Amount" (but not in excess of the amount of such reductions that have not been previously reimbursed) shall be treated as a portion of Available Principal Collections with respect to such Distribution Date;
(ix) an amount equal to the Collateral Monthly Interest, plus the amount of any Collateral Monthly Interest previously due but not paid to the Collateral Interest Holder on any prior Distribution Date, shall be paid to the Collateral Interest Holder for application in accordance with the Collateral Agreement;
(x) an amount equal to the Collateral Defaulted Amount for such Distribution Date shall be treated as a portion of Available Principal Collections with respect to such Distribution Date;
(xi) on each Transfer Distribution Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.09(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for aggregate amount by which the related Monthly Period Collateral Invested Amount has been reduced pursuant to clauses (c) and (d) of the definition of "Collateral Invested Amount" (but not in excess of the amount of such reductions that have not been previously reimbursed) shall be treated as Shared a portion of Available Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to such Distribution Date;
(xiii) an amount up to the Controlled Accumulation Period or excess, if any, of the Early Amortization Period, Required Cash Collateral Amount over the remaining Available Cash Collateral Amount shall be deposited into the Cash Collateral Account;
(xiv) an amount equal to the aggregate of any other amounts then due to the Collateral Interest Holder pursuant to the Collateral Agreement (to the extent such amounts are payable pursuant to the Collateral Agreement out of "Available Non-Principal Collections for the related Monthly Period Funds" (as defined therein)) shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.Agreement; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Providian National Bank)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Monthly Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 20[ ]-[ ] pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) on a pari passu basis based on the amounts owing to the Class A Noteholders [and each Class A Counterparty pursuant to this Section 4.4(a)(iii]: (A) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, [and (B) any Class A Net Swap Payments for such Payment Date and any unpaid Class A Net Swap Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be paid to the Class A Counterparty];
(iv) on a pari passu basis based on the amounts owing to the Class B Noteholders [and each Class B Counterparty pursuant to this Section 4.4(a)(iv)]: (A) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, [and (B) any Class B Net Swap Payment for such Payment Date shall be paid to the Class B Counterparty and any unpaid Class B Net Swap Payments owed to the Class B Counterparty in respect of any prior Payment Date];
(v) on a pari passu basis based on the amounts owing to the Class C Noteholders [reservedand each Class C Counterparty pursuant to this Section 4.4(a)(v)]: (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, [and (B) any Class C Net Swap Payment for such Payment Date and any unpaid Class C Net Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty];
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [on a pari passu basis (A) an amount equal to any amounts designated in writing by the Transferor partial or early termination payments or other additional payments owed to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series 20[ ]-[ ] pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 20[ ]-[ ] pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; and third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date...
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply, or shall cause the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and apply by written instruction to the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related each Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Available Finance Charge Account, Collections and Available Principal Collections on deposit in the Principal Account, Collection Account with respect to such Distribution Date to make the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Distribution Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to the Monthly Servicing Fee for such Distribution Date plus the amount of any Monthly Servicing Fee previously due but not distributed to the Servicer on one or more prior Distribution Dates, shall be distributed to the Servicer (unless such amount has been netted against deposits to the Collection Account in accordance with Section 8.04 of the Master Indenture);
(ii) an amount equal to Class A Monthly Interest for such Distribution Date, plus the amount of any Class A Deficiency AmountMonthly Interest previously due but not distributed to the Class A Noteholders on one or more prior Distribution Dates, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a one or more prior Distribution Date Dates, shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution AccountClass A Noteholders;
(iiiii) an amount equal to Class M Monthly Interest the Investor Default Amount and the Investor Uncovered Dilution Amount, if any, for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date, plus any Class M Deficiency Amount, plus ;
(iv) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of any Class M Additional Interest Reallocated Principal Collections which have not been previously reimbursed pursuant to this subparagraph shall be treated as a portion of Available Principal Collections for such Distribution Date, plus the amount of ;
(v) any Class M A Additional Interest previously Amounts due but not distributed and payable to the Class M Noteholders on a prior A Agent pursuant to the Class A Note Purchase Agreement with respect to such Distribution Date shall be deposited by paid to the Servicer or Indenture Trustee into the Distribution AccountClass A Agent;
(iiivi) upon the occurrence of an Event of Default with respect to Series 2007-A and acceleration of the maturity of the Series 2007-A Notes, the balance, if any, up to the outstanding principal amount of the Series 2007-A Notes will be treated as Available Principal Collections for that Distribution Date for distribution to the Series 2007-A Noteholders;
(vii) an amount equal to Class B Monthly Interest for such Distribution Date, plus the amount of any Class B Deficiency AmountMonthly Interest previously due but not distributed to the Class B Noteholders on one or more prior Distribution Dates, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a one or more prior Distribution Date Dates, shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution AccountClass B Noteholders;
(ivviii) an amount equal to the Noteholder Servicing Fee for such Transfer DateTransition Expenses, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Dateif any, shall be distributed to the Successor Servicer;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xiiix) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DateDate and will be available for allocation to other Series in Group One or to the Holder of the Transferor Certificates as described in Section 8.08 of the Master Indenture and Section 4.01 of this Indenture Supplement.
(b) On each Transfer Distribution Date with respect to the Revolving Period, an amount equal to the Available Principal Collections shall be treated as Shared Principal Collections and applied in accordance with Section 8.05 of the Master Indenture.
(c) On each Distribution Date with respect to the Partial Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed in the following order of priority:
(i) an amount which, together with the aggregate amounts distributed pursuant to this clause (i) on prior Distribution Dates with respect to the same Partial Amortization Period, equals the Partial Amortization Amount, shall be distributed to the Class A Noteholders and the Class B Noteholders, pro rata, but in no event shall the Class A Noteholders or the Class B Noteholders, as applicable, receive monies in excess of the then outstanding Class A Note Principal Balance or the Class B Note Principal Balance, respectively; and
(ii) the balance of such Available Principal Collections shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Master Indenture.
(cd) On each Transfer Distribution Date with respect to the Controlled Accumulation Scheduled Amortization Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during an amount up to the Controlled Accumulation PeriodClass A Principal Balance on such Distribution Date shall be distributed to the Class A Noteholders;
(ii) for each Distribution Date beginning on the Distribution Date on which the Class A Principal Balance is paid in full, an amount up to the Class B Principal Balance on such Distribution Date shall be distributed to the Class B Noteholders; and
(iii) for each Distribution Date beginning on the Distribution Date on which the Class B Principal Balance is paid in full, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remainingbalance, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (Nordstrom Inc)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) on a pari passu basis based on the amounts owing to the Class A Noteholders and the Class A Counterparty pursuant to this subsection 4.4(a)(i): (A) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, and (B) any Class A Net Swap Payment for such Distribution Date shall be paid to the Class A Swap Counterparty;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by pari passu basis based on the Servicer or Indenture Trustee into amounts owing to the Distribution Account;
Class B Noteholders and the Class B Counterparty pursuant to this subsection 4.4(a)(ii): (iiiA) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, and (B) any Class B Net Swap Payment for such Distribution Date shall be paid to the Class B Swap Counterparty;
(iviii) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(viv) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and the Class C Counterparty pursuant to this subsection 4.4(a)(iv): (A) an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, and (B) any Class C Net Swap Payment for such Distribution Date shall be paid to the Class C Counterparty;
(viv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiivii) [reserved]an amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account;
(ixviii) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.12(f) shall be deposited into the Spread Account as provided in Section 4.10(a4.12(f);
(x) [reserved]on a pari passu basis based on the amounts owing to each Counterparty pursuant to this subsection 4.4(a)(x): (A) an amount equal to any partial or early termination payments or other additional payments owed to the Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M B Noteholders on the related Distribution Date until the Class M B Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution distributions referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B C Noteholders on the related Distribution Date until the Class B C Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(ii) on and to the preceding Transfer DateClass C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(iv).
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A/B Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balanceuntil paid in full, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal until paid in full, and, if the Early Amortization Period has commenced, any remainder to the Class B Note C Noteholders, the amounts deposited into the Principal BalanceAccumulation Account pursuant to subsection 4.4(c)(i). On the Class C Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account for payment to the Class C Noteholders the amounts deposited into the Principal Accumulation Account pursuant to subsection 4.4(c)(i) on the related Transfer Date. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section subsection 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Funding Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest Payment for such Distribution Date, plus any Class A Deficiency AmountInterest Shortfall, plus the amount of any Class A Additional Default Interest for such Distribution Date, plus the amount of any Class A Additional Default Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest Payment for such Distribution Date, plus any Class B Deficiency AmountInterest Shortfall, plus the amount of any Class B Additional Default Interest for such Distribution Date, plus the amount of any Class B Additional Default Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iviii) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(viv) [reserved]an amount equal to Class C Monthly Interest Payment for such Distribution Date, plus any Class C Interest Shortfall, plus the amount of any Class C Default Interest for such Distribution Date, plus the amount of any Class C Default Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by Servicer or Indenture Trustee into the Distribution Account;
(viv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Rapid Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ixvii) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(xviii) [reserved](A) an amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account and then (B)] an amount equal to the excess, if any, of the Required Spread Account Amount over the Available Spread Account Amount shall be deposited into the Spread Account;
(xiix) [an amount equal to any amounts designated in writing by the Transferor other payments owed to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Class C Noteholders under the Class C Note Purchase Agreement shall be paid in accordance with to the Transferor's instructionsClass C Noteholders]; and
(xiix) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Excess Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Rapid Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Rapid Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Rapid Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(iv) during the Rapid Amortization Period, after giving effect to the distributions referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Rapid Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Excess Principal Collections and applied in accordance with Section 8.5 of the IndentureCollections.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 5.02 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.04(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.04(a)(ii) on and to the preceding Transfer DateClass C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.04(a)(iv).
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Rapid Amortization Period and (ii) the Transfer Date immediately preceding the Class A/B Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balanceuntil paid in full, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal until paid in full, and, if the Rapid Amortization Period has commenced, any remainder to the Class B Note C Noteholders, the amounts deposited into the Principal BalanceAccumulation Account pursuant to subsections 4.04(c)(i). The On the Class C Expected Principal Payment Date, if the Rapid Amortization Period has not commenced, Indenture Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account for payment to the Class C Noteholders the amounts deposited into the Principal Accumulation Account pursuant to subsection 4.04(c)(i) on the related Transfer Date. Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 5.02 pay from the Distribution Account to the Class A Noteholders, the Class M B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(esubsection 4.04(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
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Samples: Indenture Supplement (First Bankcard Master Credit Card Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2005-2 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) on a pari passu basis based on the amounts owing to the Class A Noteholders and each Class A Counterparty pursuant to this Section 4.4(a)(iii): (A) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class A Net Swap Payments for such Payment Date and any unpaid Class A Net Swap Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be paid to the Class A Counterparty;
(iv) on a pari passu basis based on the amounts owing to the Class B Noteholders and each Class B Counterparty pursuant to this Section 4.4(a)(iv): (A) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class B Net Swap Payment for such Payment Date shall be paid to the Class B Counterparty and any unpaid Class B Net Swap Payments owed to the Class B Counterparty in respect of any prior Payment Date;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and each Class C Counterparty pursuant to this Section 4.4(a)(v): (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, and (B) any Class C Net Swap Payment for such Payment Date and any unpaid Class C Net Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes issued on any date prior to September 22, 2004 and any Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) on a pari passu basis (A) an amount equal to any amounts designated in writing by the Transferor partial or early termination payments or other additional payments owed to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series 2005-2 pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2005-2 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer in respect of the Ownership Interest.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As The Issuer shall distribute any funds received in respect of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodOwnership Interest to RFS Holding, L.L.C. as a distribution on RFS Holding, L.L.C.’s beneficial interest in the Collateral Amount shall be reduced by the Surplus Collateral AmountIssuer.
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Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) to pay, on a pari passu basis, the following amounts, to the extent allocated to Series 2015-4 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of $25,000 for each calendar year, (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of $25,000 for each calendar year and (C) the payment to the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar year;
(ii) an amount equal to the Noteholder Servicing Fee for the related Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not paid by the Issuer on a prior Payment Date, shall be paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Distribution Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Payment Date, plus the amount of any Class A Additional Interest previously due but not distributed paid to Class A Noteholders on a prior Distribution Date Payment Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iiiiv) an amount equal to Class B Monthly Interest for such Distribution Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Payment Date, plus the amount of any Class B Additional Interest previously due but not distributed paid to Class B Noteholders on a prior Distribution Date Payment Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ivv) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Noteholder Servicing Fee Class C Additional Interest previously due but not distributed paid to the Servicer Class C Noteholders on a prior Transfer Payment Date, shall be distributed to deposited into the Servicer;
(v) [reserved]Distribution Account;
(vi) an amount equal to Class D Monthly Interest for such Payment Date, plus any Class D Deficiency Amount, plus the Aggregate amount of any Class D Additional Interest for such Payment Date, plus the amount of any Class D Additional Interest previously due but not paid to Class D Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vii) (A) first, an amount equal to the Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vii) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(viiviii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(viii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(x) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.11(e) shall be deposited into the Spread Account;
(xi) without duplication of the amount specified in clause (vii)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xii) [Reserved];
(xiii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2015-4 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided, that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiv)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2015-4 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xiii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied allocated in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and fourth to the Class D Noteholders until the Class D Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date, to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date and to the Class D Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(vi) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal to until the Class B Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account full; third to the Class A Noteholders, C Noteholders until the Class M Noteholders C Principal Balance is paid in full; and fourth to the Class B Noteholders, as applicable, D Noteholders until the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)Class D Note Principal Balance is paid in full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Principal Collections allocated to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series issued pursuant to this Indenture Supplement that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
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Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 20[ ]-[ ] pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) on a pari passu basis based on the amounts owing to the Class A Noteholders [and each Class A Counterparty pursuant to this Section 4.4(a)(iii]: (A) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, [and (B) any Class A Net Swap Payments for such Payment Date and any unpaid Class A Net Swap Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be paid to the Class A Counterparty];
(iv) on a pari passu basis based on the amounts owing to the Class B Noteholders [and each Class B Counterparty pursuant to this Section 4.4(a)(iv)]: (A) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, [and (B) any Class B Net Swap Payment for such Payment Date shall be paid to the Class B Counterparty and any unpaid Class B Net Swap Payments owed to the Class B Counterparty in respect of any prior Payment Date];
(v) on a pari passu basis based on the amounts owing to the Class C Noteholders [reservedand each Class C Counterparty pursuant to this Section 4.4(a)(v)]: (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, [and (B) any Class C Net Swap Payment for such Payment Date and any unpaid Class C Net Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty];
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [on a pari passu basis (A) an amount equal to any amounts designated in writing by the Transferor partial or early termination payments or other additional payments owed to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series 20[ ]-[ ] pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 20[ ]-[ ] pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and the preceding Transfer DateClass C Noteholders until the Class C Note Principal Balance has been paid in full.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit EXHIBIT B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Funding Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus PLUS any Class A Deficiency Amount, plus PLUS the amount of any Class A Additional Interest for such Distribution Date, plus PLUS the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M B Monthly Interest for such Distribution Date, plus PLUS any Class M B Deficiency Amount, plus PLUS the amount of any Class M B Additional Interest for such Distribution Date, plus PLUS the amount of any Class M B Additional Interest previously due but not distributed to Class M B Noteholders on a prior Distribution Date Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus PLUS the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(viv) [reserved]an amount equal to Class C Monthly Interest for such Distribution Date, PLUS any Class C Deficiency Amount, PLUS the amount of any Class C Additional Interest for such Distribution Date, PLUS the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account; PROVIDED, HOWEVER, that, in the event that the sum of Class C Monthly Interest exceeds the amount of Available Finance Charge Collections available (after giving effect to SUBSECTIONS 4.4(a)(i) through (iii) above) to fund such Class C Monthly Interest and Class C Additional Interest, a draw will be made from amounts available for distribution in the Spread Account (at the times and in the amounts specified in SECTION 4.11) and shall be deposited by the Indenture Trustee into the Distribution Account for payment to the Class C Noteholders on such Distribution Date in accordance with this SUBSECTION 4.4(a)(iv);
(viv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection SUBSECTION (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiivii) [reserved]an amount equal to the excess, if any, of the Required Cash Collateral Amount OVER the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account;
(ixviii) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section SUBSECTION 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over OVER the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account pursuant to SECTION 4.12(e) shall be deposited into the Spread Account as provided in Section 4.10(aSECTION 4.12(e);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DateDate and will first be available for allocation to other Series in Group One.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section SECTION 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause CLAUSE (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distributions referred to in CLAUSES (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses CLAUSES (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section SECTION 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section SECTION 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection SECTION 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSECTION 4.4(a)(ii) on and to the preceding Transfer DateClass C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to SECTION 4.4(a)(iv).
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, for payment to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to Noteholders and the Class B Note C Noteholders the amounts deposited into the Principal BalanceAccumulation Account pursuant to SUBSECTION 4.4(c)(i). The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section SECTION 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M B Noteholders and the Class B Noteholders, as applicable, C Noteholders the amounts deposited for the on account of such Noteholders into the Distribution Account pursuant to this Section SUBSECTION 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2009-2 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to paid by the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) [Reserved];
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2009-2 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2009-2 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay the following amounts, plus any Class A Deficiency Amount, plus to the extent allocated to Series 2004-1 pursuant to Section 8.4(d) of the Indenture: on a pari passu basis (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the RFS Funding Trustee of the accrued and unpaid fees and other amounts owed to the RFS Funding Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year, (C) the payment to Class A Noteholders on the Trustee of the accrued and unpaid fees and other amounts owed to Trustee up to a prior Distribution Date shall be deposited by maximum amount of $25,000 for each calendar year and (D) the Servicer or Indenture Trustee into payment to the Distribution AccountAdministrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) on a pari passu basis (A) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class A Net Swap Payments for such Payment Date and any unpaid Class A Net Swap Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be paid to the Class A Counterparty;
(iv) on a pari passu basis (A) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class B Net Swap Payment for such Payment Date shall be paid to the Class B Counterparty and any unpaid Class B Net Swap Payments owed to the Class B Counterparty in respect of any prior Payment Date;
(v) [reserved]on a pari passu basis (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, and (B) any Class C Net Swap Payment for such Payment Date and any unpaid Class C Net Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty;
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Transfer Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]on a pari passu basis (A) an amount equal to any partial or early termination payments or other additional payments owed to the Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xi) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2004-1 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor shall first be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections pursuant to Section 4.4(c), and any amounts remaining after payment in full of the Monthly Principal shall, subject to the following proviso, be paid to the Issuer in respect of the Ownership Interest; and provided, further, if GE Capital’s long-term unsecured debt is rated Aa2 or lower by Xxxxx’x or AA or lower by S&P and the Free Equity Amount (determined after giving effect to any transfer of Principal Receivables to the Issuer on such date and any deposits to the Excess Funding Account pursuant to Article VIII of the Master Indenture), is less than the Minimum Free Equity Amount, the portion of the Excess Finance Charge Collections that would otherwise be paid to the Transferor in accordance with Section 8.6 of the Indenture, to the extent not applied to pay Monthly Principal pursuant to the preceding proviso, shall be deposited in the Excess Funding Account in an amount equal to the excess of the Minimum Free Equity Amount over the Free Equity Amount, and any amount remaining after such deposit shall be paid to the Issuer in respect of the Ownership Interest.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on such Transfer Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer the related Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on the preceding Transfer Date and to the Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on the related Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As The Issuer shall distribute any funds received in respect of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodOwnership Interest to RFS Holding, L.L.C. as a distribution on RFS Holding, L.L.C.’s beneficial interest in the Collateral Amount shall be reduced by the Surplus Collateral AmountIssuer.
Appears in 1 contract
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) on a pari passu basis based on the amounts owing to the Class A-1 Noteholders, the Class A-2 Noteholders and each Class A Counterparty pursuant to this subsection 4.4(a)(i): (A) an amount equal to Class A A-1 Monthly Interest for such Distribution Date, plus any Class A A-1 Deficiency Amount, plus the amount of any Class A A-1 Additional Interest for such Distribution Date, plus the amount of any Class A A-1 Additional Interest previously due but not distributed to the Class A A-1 Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
, (iiB) an amount equal to Class M A-2 Monthly Interest for such Distribution Date, plus any Class M A-2 Deficiency Amount, plus the amount of any Class M A-2 Additional Interest for such Distribution Date, plus the amount of any Class M A-2 Additional Interest previously due but not distributed to the Class M A-2 Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, (C) any Class A-1 Net Swap Payment for such Distribution Date shall be paid to the Class A-1 Counterparty, and (D) any Class A-2 Net Swap Payment for such Distribution Date shall be paid to the Class A-2 Counterparty;
(iiiii) on a pari passu basis based on the amounts owing to the Class B Noteholders and the Class B Counterparty pursuant to this subsection 4.4(a)(ii): (A) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, and (B) any Class B Net Swap Payment for such Distribution Date shall be paid to the Class B Swap Counterparty;
(iviii) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(viv) [reserved]on a pari passu basis based on the amounts owing to the Class C-1 Noteholders, the Class C-2 Noteholders and each Class C Counterparty pursuant to this subsection 4.4(a)(iv): (A) an amount equal to Class C-1 Monthly Interest for such Distribution Date, plus any Class C-1 Deficiency Amount, plus the amount of any Class C-1 Additional Interest for such Distribution Date, plus the amount of any Class C-1 Additional Interest previously due but not distributed to the Class C-1 Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, (B) an amount equal to Class C-2 Monthly Interest for such Distribution Date, plus any Class C-2 Deficiency Amount, plus the amount of any Class C-2 Additional Interest for such Distribution Date, plus the amount of any Class C-2 Additional Interest previously due but not distributed to the Class C-2 Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, (C) any Class C-1 Net Swap Payment for such Distribution Date shall be paid to the Class C-1 Counterparty, and (D) any Class C-2 Net Swap Payment for such Distribution Date shall be paid to the Class C-2 Counterparty;
(viv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiivii) [reserved]an amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account;
(ixviii) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.12(f) shall be deposited into the Spread Account as provided in Section 4.10(a4.12(f);
(x) [reserved]on a pari passu basis based on the amounts owing to each Counterparty pursuant to this Section 4.4(a)(x): (A) an amount equal to any partial or early termination payments or other additional payments owed to the Class A-1 Counterparty under the Class A-1 Swap shall be paid to the Class A-1 Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class A-2 Counterparty under the Class A-2 Swap shall be paid to the Class A-2 Counterparty, (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty, (D) an amount equal to any partial or early termination payments or other additional payments owed to the Class C-1 Counterparty under the Class C-1 Swap shall be paid to the Class C-1 Counterparty and (E) an amount equal to any partial or early termination payments or other additional payments owed to the Class C-2 Counterparty under the Class C-2 Swap shall be paid to the Class C-2 Counterparty;
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in fullfull (provided that, to the extent there are not sufficient funds to pay all amounts described in this subsection 4.4(c)(ii) in full on any Distribution Date, the funds available for distribution to the Class A Noteholders shall be paid to the Class A-1 Noteholders and the Class A-2 Noteholders pro rata, based on the amounts owing to the Class A-1 Noteholders and the Class A-2 Noteholders, respectively, pursuant to this subsection 4.4(c)(ii));
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M B Noteholders on the related Distribution Date until the Class M B Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution distributions referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B C Noteholders on the related Distribution Date until the Class B C Note Principal Balance has been paid in fullfull (provided that, to the extent there are not sufficient funds to pay all amounts described in this subsection 4.4(c)(iv) in full on any Distribution Date, the funds available for distribution to the Class C Noteholders shall be paid to the Class C-1 Noteholders and the Class C-2 Noteholders pro rata, based on the amounts owing to the Class C-1 Noteholders and the Class C-2 Noteholders, respectively, pursuant to this subsection 4.4(c)(iv)); and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(ii) on and to the preceding Transfer DateClass C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(iv).
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A/B Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balanceuntil paid in full, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal until paid in full, and, if the Early Amortization Period has commenced, any remainder to the Class B Note C Noteholders, the amounts deposited into the Principal BalanceAccumulation Account pursuant to subsection 4.4(c)(i). On the Class C Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account for payment to the Class C Noteholders the amounts deposited into the Principal Accumulation Account pursuant to subsection 4.4(c)(i) on the related Transfer Date. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A A-1 Noteholders, the Class M A-2 Noteholders, the Class B Noteholders, the Class C-1 Noteholders and the Class B C-2 Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section subsection 4.4(e) (provided that, (x) to the extent there are not sufficient funds to pay all amounts owing to the Class A Noteholders pursuant to this subsection 4.4(e) in full, the funds available for distribution to the Class A Noteholders shall be paid to the Class A-1 Noteholders and the Class A-2 Noteholders pro rata, based on the amounts owing to the Class A-1 Noteholders and the Class A-2 Noteholders, respectively, pursuant to this subsection 4.4(e) and (y) to the extent there are not sufficient funds to pay all amounts owing to the Class C Noteholders pursuant to this subsection 4.4(e) in full, the funds available for distribution to the Class C Noteholders shall be paid to the Class C-1 Noteholders and the Class C-2 Noteholders pro rata, based on the amounts owing to the Class C-1 Noteholders and the Class C-2 Noteholders, respectively, pursuant to this subsection 4.4(e)).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer The Note Administrator shall apply, based on the information provided to it by the Servicer no later than the Determination Date, an amount equal to the Available Finance Charge Collections with respect to the each related Distribution Date will be distributed or deposited Monthly Period in the following order of priority:
(i) an amount equal to Class A Monthly Interest the Program Expenses for such Distribution Date, plus any Class A Deficiency Amount, Date plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest Program Expenses previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by distributed to the Servicer or Indenture Trustee into Trustee, Note Administrator, Certificate Administrator, and Certificate Trustee, as applicable, on the related Distribution AccountDate;
(ii) an amount equal to Class M the Monthly Interest Servicing Fee for such Distribution Date, plus any Class M Deficiency Amount, Date plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Distribution Date, shall be distributed to the ServicerServicer on the related Distribution Date;
(v) [reserved];
(viiii) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as Available Principal Collections for such Distribution Date and applied pursuant to clause (b) hereof;
(iv) an amount equal to the Investor Charge-Offs with respect to the Notes which have not been previously reimbursed shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Dateand shall be applied pursuant to clause (b) hereof;
(viiv) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Monthly Interest shall be paid in accordance with to the Transferor's instructionsNoteholders on the related Distribution Date; and
(xiivi) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such shall be paid to the Noteholders on the related Distribution Date.
(b) On each Transfer Date The Note Administrator shall apply, based on the information provided to it by the Servicer no later than the Determination Date, Available Principal Collections with respect to each related Monthly Period in the Revolving Periodfollowing order or priority:
(i) an amount equal to the Required Coverage Amount shall be distributed on the related Distribution Date by the Note Administrator to fund the Required Coverage Amount, if any, in the priority set forth in subsections 4.05(a)(i) and (ii);
(ii) if a Funding Event has occurred and has not been cured, an amount equal to the Available Principal Collections for Special VFN Allocation will be made available to the Issuer’s Series 2002-1 and distributed on the related Monthly Period Distribution Date in accordance with the applicable Indenture Supplement;
(iii) an amount equal to the unpaid Principal Balance shall be paid to the Noteholders on the related Distribution Date until the Principal Balance has been paid in full; and
(iv) an amount equal to the Principal Shortfalls for all outstanding Series shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 paid to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer DateO/C Holder.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Funding Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to the unpaid Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or the Indenture Trustee into the Distribution AccountAccount for distribution to the Class A Noteholders in accordance with Section 6.2;
(ii) an amount equal to the unpaid Class A Non-Use Fee, if any, not paid by the Transferor pursuant to the Class A Note Purchase Agreement for the related Distribution Period plus any Class A Non-Use Fee due but not paid to the Class A Noteholders on any prior Distribution Date and an amount equal to the Class A Additional Amounts, if any, for the related Distribution Period plus any Class A Additional Amounts due but not paid to the Class A Noteholders on any prior Distribution Date shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class A Noteholders in accordance with Section 6.2; provided, that the amounts distributed pursuant to this clause 5.4(a)(ii) shall not exceed 0.50% of the Weighted Average Collateral Amount over the Distribution Period;
(iii) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(iv) an amount equal to the unpaid Class M Monthly Interest for such Distribution DateDate shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class M Noteholders in accordance with Section 6.2;
(v) an amount equal to the unpaid Class M Non-Use Fee, if any, not paid by the Transferor pursuant to the Class M Note Purchase Agreement for the related Distribution Period plus any Class M Deficiency AmountNon-Use Fee due but not paid to the Class M Noteholders on any prior Distribution Date and an amount equal to the Class M Additional Amounts, if any, for the related Distribution Period plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously Amounts due but not distributed paid to the Class M Noteholders on a any prior Distribution Date shall be deposited by the Servicer or the Indenture Trustee into the Distribution AccountAccount for distribution to the Class M Noteholders in accordance with Section 6.2; provided, that the amounts distributed pursuant to this clause 5.4(a)(v) shall not exceed 0.50% of the Weighted Average Collateral Amount over the Distribution Period;
(iiivi) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ivvii) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Noteholder Servicing Fee Class C Additional Interest previously due but not distributed to the Servicer Class C Noteholders on a prior Transfer Date, Distribution Date shall be distributed to deposited by the ServicerServicer or Indenture Trustee into the Distribution Account;
(v) [reserved];
(viviii) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Amortization Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date to the extent needed to pay Monthly Principal on the related Distribution Date;
(viiix) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection clause (viiix) shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Amortization Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date to the extent needed to pay Monthly Principal on the related Distribution Date;
(viiix) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Cash Collateral Amount over the Available Reserve Account Cash Collateral Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved]Cash Collateral Account;
(xi) any amounts designated not distributed pursuant to clause 5.4(a)(ii) because of the proviso in writing by such clause shall be withdrawn from the Transferor Finance Charge Account and deposited into the Distribution Account for distribution to the Servicer and Indenture Trustee as Class A Noteholders;
(xii) any amounts not distributed pursuant to clause 5.4(a)(v) because of the proviso in such clause shall be paid withdrawn from Available the Finance Charge Collections shall be paid in accordance with Account and deposited into the Transferor's instructionsDistribution Account for distribution to the Class M Noteholders; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to During the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall will be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Amortization Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Class A Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Class M Monthly Principal remaining, if any, for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Class B Monthly Principal remaining, if any, for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and;
(iv) an amount equal to the Class C Monthly Principal, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Principal Balance has been paid in full;
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 6.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iclauses 5.4(a)(i), (ii) and (xi) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiclauses 5.4(a)(iv),(v) and (xii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiclauses 5.4(a)(vi) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay C Noteholders from the Distribution Account to the Class A NoteholdersAccount, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts amount deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(eclause 5.4(a)(vii).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Series 2009 VFN Indenture Supplement (Alliance Data Systems Corp)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply, or shall cause the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and apply by written instruction to the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related each Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Available Finance Charge Account, Collections and Available Principal Collections on deposit in the Principal Account, Collection Account with respect to such Distribution Date to make the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Distribution Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to the Monthly Servicing Fee for such Distribution Date plus the amount of any Monthly Servicing Fee previously due but not distributed to the Servicer on one or more prior Distribution Dates, shall be distributed to the Servicer (unless such amount has been netted against deposits to the Collection Account in accordance with Section 8.04 of the Master Indenture);
(ii) an amount equal to Class A Monthly Interest for such Distribution Date, plus the amount of any Class A Deficiency AmountMonthly Interest previously due but not distributed to the Class A Noteholders on one or more prior Distribution Dates, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a one or more prior Distribution Date Dates, shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution AccountClass A Noteholders;
(iiiii) an amount equal to Class M Monthly Interest the Investor Default Amount and the Investor Uncovered Dilution Amount, if any, for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date, plus any Class M Deficiency Amount, plus ;
(iv) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of any Class M Additional Interest Reallocated Principal Collections which have not been previously reimbursed pursuant to this subparagraph shall be treated as a portion of Available Principal Collections for such Distribution Date, plus the amount of ;
(v) any Class M A Additional Interest previously Amounts due but not distributed and payable to each Class M Noteholders on a prior A Agent pursuant to the Class A Note Purchase Agreement with respect to such Distribution Date shall be deposited by paid to the Servicer or Indenture Trustee into the Distribution AccountClass A Agent;
(iiivi) upon the occurrence of an Event of Default with respect to Series 2007-A and acceleration of the maturity of the Series 2007-A Notes, the balance, if any, up to the outstanding principal amount of the Series 2007-A Notes will be treated as Available Principal Collections for that Distribution Date for distribution to the Series 2007-A Noteholders;
(vii) an amount equal to Class B Monthly Interest for such Distribution Date, plus the amount of any Class B Deficiency AmountMonthly Interest previously due but not distributed to the Class B Noteholders on one or more prior Distribution Dates, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a one or more prior Distribution Date Dates, shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution AccountClass B Noteholders;
(ivviii) an amount equal to the Noteholder Servicing Fee for such Transfer DateTransition Expenses, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Dateif any, shall be distributed to the Successor Servicer;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xiiix) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DateDate and will be available for allocation to other Series in Group One or to the Holder of the Transferor Certificates as described in Section 8.08 of the Master Indenture and Section 4.01 of this Indenture Supplement.
(b) On each Transfer Distribution Date with respect to the Revolving Period, an amount equal to the Available Principal Collections shall be treated as Shared Principal Collections and applied in accordance with Section 8.05 of the Master Indenture.
(c) On each Distribution Date with respect to the Partial Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed in the following order of priority:
(i) an amount which, together with the aggregate amounts distributed pursuant to this clause (i) on prior Distribution Dates with respect to the same Partial Amortization Period, equals the Partial Amortization Amount, shall be distributed to the Class A Noteholders and the Class B Noteholders, pro rata, but in no event shall the Class A Noteholders or the Class B Noteholders, as applicable, receive monies in excess of the then outstanding Class A Note Principal Balance or the Class B Note Principal Balance, respectively; and
(ii) the balance of such Available Principal Collections shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Master Indenture.
(cd) On each Transfer Distribution Date with respect to the Controlled Accumulation Scheduled Amortization Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during an amount up to the Controlled Accumulation PeriodClass A Principal Balance on such Distribution Date shall be distributed to the Class A Noteholders;
(ii) for each Distribution Date beginning on the Distribution Date on which the Class A Principal Balance is paid in full, an amount up to the Class B Principal Balance on such Distribution Date shall be distributed to the Class B Noteholders; and
(iii) for each Distribution Date beginning on the Distribution Date on which the Class B Principal Balance is paid in full, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remainingbalance, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (Nordstrom Inc)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) to pay, on a pari passu basis, the following amounts, to the extent allocated to Series 2014-1 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of $25,000 for each calendar year, (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of $25,000 for each calendar year and (C) the payment to the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar year;
(ii) an amount equal to the Noteholder Servicing Fee for the related Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not paid by the Issuer on a prior Payment Date, shall be paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Distribution Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Payment Date, plus the amount of any Class A Additional Interest previously due but not distributed paid to Class A Noteholders on a prior Distribution Date Payment Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iiiiv) an amount equal to Class B Monthly Interest for such Distribution Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Payment Date, plus the amount of any Class B Additional Interest previously due but not distributed paid to Class B Noteholders on a prior Distribution Date Payment Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ivv) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Noteholder Servicing Fee Class C Additional Interest previously due but not distributed paid to the Servicer Class C Noteholders on a prior Transfer Payment Date, shall be distributed to deposited into the Servicer;
(v) [reserved]Distribution Account;
(vi) an amount equal to Class D Monthly Interest for such Payment Date, plus any Class D Deficiency Amount, plus the Aggregate amount of any Class D Additional Interest for such Payment Date, plus the amount of any Class D Additional Interest previously due but not paid to Class D Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vii) (A) first, an amount equal to the Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vii) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(viiviii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(viii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(x) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.11(e) shall be deposited into the Spread Account;
(xi) without duplication of the amount specified in clause (vii)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xii) [Reserved];
(xiii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2014-1 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiv)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2014-1 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xiii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied allocated in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and fourth to the Class D Noteholders until the Class D Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date, to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date and to the Class D Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(vi) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal to until the Class B Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account full; third to the Class A Noteholders, C Noteholders until the Class M Noteholders C Principal Balance is paid in full; and fourth to the Class B Noteholders, as applicable, D Noteholders until the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)Class D Note Principal Balance is paid in full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Principal Collections allocated to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series issued pursuant to this Indenture Supplement that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay the following amounts, plus any Class A Deficiency Amount, plus to the extent allocated to Series 2004-2 pursuant to Section 8.4(d) of the Indenture: on a pari passu basis (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) on a pari passu basis based on the amounts owing to the Class A Noteholders and each Class A Counterparty pursuant to this Section 4.4(a)(iii): (A) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class A Net Swap Payments for such Payment Date and any unpaid Class A Net Swap Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be paid to the Class A Counterparty;
(iv) on a pari passu basis based on the amounts owing to the Class B Noteholders and each Class B Counterparty pursuant to this Section 4.4(a)(iv): (A) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class B Net Swap Payment for such Payment Date shall be paid to the Class B Counterparty and any unpaid Class B Net Swap Payments owed to the Class B Counterparty in respect of any prior Payment Date;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and each Class C Counterparty pursuant to this Section 4.4(a)(v): (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, and (B) any Class C Net Swap Payment for such Payment Date and any unpaid Class C Net Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount (using a Series Allocation Percentage that is calculated by excluding all outstanding Series of Notes issued on any date prior to the Closing Date or any Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series), shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) on a pari passu basis (A) an amount equal to any amounts designated in writing by the Transferor partial or early termination payments or other additional payments owed to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series 2004-2 pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections pursuant to Section 4.4(c), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2004-2 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xii) above, and any amounts remaining after payment in full of the Monthly Principal shall be paid to the Issuer in respect of the Ownership Interest.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As The Issuer shall distribute any funds received in respect of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodOwnership Interest to RFS Holding, L.L.C. as a distribution on RFS Holding, L.L.C.’s beneficial interest in the Collateral Amount shall be reduced by the Surplus Collateral AmountIssuer.
Appears in 1 contract
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Funding Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest Payment for such Distribution Date, plus any Class A Deficiency AmountInterest Shortfall, plus the amount of any Class A Additional Default Interest for such Distribution Date, plus the amount of any Class A Additional Default Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest Payment for such Distribution Date, plus any Class B Deficiency AmountInterest Shortfall, plus the amount of any Class B Additional Default Interest for such Distribution Date, plus the amount of any Class B Additional Default Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iviii) if Servicer is a Person other than FNBO or an Affiliate of FNBO, an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(viv) [reserved]an amount equal to Class C Monthly Interest Payment for such Distribution Date, plus any Class C Interest Shortfall, plus the amount of any Class C Default Interest for such Distribution Date, plus the amount of any Class C Default Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by Servicer or Indenture Trustee into the Distribution Account;
(viv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Rapid Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiivii) [reserved];
(ixA) an amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account and then (B)] on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(viii) if Servicer is FNBO or an Affiliate of FNBO, an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to Servicer on a prior Transfer Date, shall be distributed to Servicer;
(ix) an amount equal to the excess, if any, of the Required Spread Account as provided in Section 4.10(a)Amount over the Available Spread Account Amount shall be deposited into the Spread Account;
(x) [reserved];
(xi) an amount equal to any amounts designated in writing by the Transferor other payments owed to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Class C Noteholders under the Class C Note Purchase Agreement shall be paid in accordance with to the Transferor's instructionsClass C Noteholders]; and
(xiixi) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Excess Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Rapid Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Rapid Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Rapid Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(iv) during the Rapid Amortization Period, after giving effect to the distributions referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Rapid Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Excess Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 5.02 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.04(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.04(a)(ii) on and to the preceding Transfer DateClass C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.04(a)(iv).
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Rapid Amortization Period and (ii) the Transfer Date immediately preceding the Class A/B Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balanceuntil paid in full, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal until paid in full, and, if the Rapid Amortization Period has commenced, any remainder to the Class B Note C Noteholders, the amounts deposited into the Principal BalanceAccumulation Account pursuant to subsections 4.04(c)(i). The On the Class C Expected Principal Payment Date, if the Rapid Amortization Period has not commenced, Indenture Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account for payment to the Class C Noteholders the amounts deposited into the Principal Accumulation Account pursuant to subsection 4.04(c)(i) on the related Transfer Date. Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 5.02 pay from the Distribution Account to the Class A Noteholders, the Class M B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(esubsection 4.04(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (First Bankcard Master Credit Card Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit EXHIBIT B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Funding Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) on a pari passu basis (A) an amount equal to Class A Monthly Interest for such Distribution Date, plus PLUS any Class A Deficiency Amount, plus PLUS the amount of any Class A Additional Interest for such Distribution Date, plus PLUS the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution AccountAccount , and (B) any Class A Net Swap Payment for such Distribution Date shall be paid to the Class A Swap Counterparty;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
pari passu basis (iiiA) an amount equal to Class B Monthly Interest for such Distribution Date, plus PLUS any Class B Deficiency Amount, plus PLUS the amount of any Class B Additional Interest for such Distribution Date, plus PLUS the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, and (B) any Class B Net Swap Payment for such Distribution Date shall be paid to the Class B Swap Counterparty;
(iviii) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus PLUS the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(viv) [reserved]on a pari passu basis (A) an amount equal to Class C Monthly Interest for such Distribution Date, PLUS any Class C Deficiency Amount, PLUS the amount of any Class C Additional Interest for such Distribution Date, PLUS the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account, and (B) any Class C Net Swap Payment for such Distribution Date and shall be paid to the Class C Counterparty;
(viv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection SUBSECTION (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiivii) [reserved]an amount equal to the excess, if any, of the Required Cash Collateral Amount OVER the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account;
(ixviii) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section SUBSECTION 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over OVER the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account pursuant to SECTION 4.12(e) shall be deposited into the Spread Account as provided in Section 4.10(aSECTION 4.12(e);
(x) [reserved]on a pari passu basis (A) an amount equal to any partial or early termination payments or other additional payments owed to the Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal to any partial or early termination payments or other additional payments owed to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty and (C) an amount equal to any partial or early termination payments or other additional payments owed to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xi) an amount equal to any amounts designated in writing by the Transferor other payments owed to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Class C Noteholders under the Class C Note Purchase Agreement shall be paid in accordance with to the Transferor's instructionsClass C Noteholders; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section SECTION 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause CLAUSE (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distributions referred to in CLAUSES (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses CLAUSES (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section SECTION 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section SECTION 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection SECTION 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSECTION 4.4(a)(ii) on and to the preceding Transfer DateClass C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to SECTION 4.4(a)(iv).
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A/B Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balanceuntil paid in full, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal until paid in full, and, if the Early Amortization Period has commenced, any remainder to the Class B Note C Noteholders, the amounts deposited into the Principal BalanceAccumulation Account pursuant to SUBSECTION 4.4(c)(i). On the Class C Expected Principal Payment Date, if the Early Amortization Period has not commenced, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account for payment to the Class C Noteholders the amounts deposited into the Principal Accumulation Account pursuant to SUBSECTION 4.4(c)(i) on the related Transfer Date. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section SECTION 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section SUBSECTION 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply, or shall cause the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and apply by written instruction to the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related each Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Available Finance Charge Account, Collections and Available Principal Collections on deposit in the Principal Account, Collection Account with respect to such Distribution Date to make the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Distribution Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to the Monthly Servicing Fee for such Distribution Date plus the amount of any Monthly Servicing Fee previously due but not distributed to the Servicer on a prior Distribution Date, shall be distributed to the Servicer (unless such amount has been netted against deposits to the Collection Account in accordance with Section 8.04 of the Indenture)
(ii) an amount equal to Class A Monthly Interest for such Distribution Date, plus the amount of any Class A Deficiency AmountMonthly Interest previously due but not distributed to the Class A Noteholders, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of Date and any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to the Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution AccountA Noteholders;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any the Investor Uncovered Dilution Amount Amount, if any, for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viiiv) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) subparagraph shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiiv) [reserved]any Class A Additional Amounts due and payable to the Class A Agent pursuant to the Class A Note Purchase Agreement with respect to such Distribution Date shall be paid to the Class A Agent;
(ixvi) on each Transfer Date from upon the occurrence of an Event of Default with respect to Series 2001-2 and after acceleration of the Reserve Account Funding Datematurity of the Series 2001-2 Notes, but prior the balance, if any, up to the date on which outstanding principal amount of the Reserve Account terminates Series 2001-2 Notes will be treated as described in Section 4.10(f), Available Principal Collections for that Distribution Date for distribution to the Series 2001-2 Noteholders;
(vii) an amount equal to Class B Monthly Interest for such Distribution Date, plus the excessamount of any Class B Monthly Interest previously due but not distributed to the Class B Noteholders, if anyplus the amount of any Class B Additional Interest for such Distribution Date and any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into distributed to the Reserve Account as provided in Section 4.10(a)Class B Noteholders;
(x) [reserved];
(xiviii) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructionsTransition Expenses; and
(xiiix) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DateDate and will be available for allocation to other Series in Group One or to the Holder of the Transferor Certificates as described in Section 8.08 of the Indenture and Section 4.01.
(b) On each Transfer Distribution Date with respect to the Revolving Period, an amount equal to the Available Principal Collections shall be treated as Shared Principal Collections and applied in accordance with Section 8.05 of the Indenture.
(c) On each Distribution Date with respect to the Partial Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed in the following order of priority:
(i) an amount which, together with the aggregate amounts distributed pursuant to this clause (i) on prior Distribution Dates with respect to the same Partial Amortization Period, equals the Partial Amortization Amount, shall be distributed to the Class A Noteholders and the Class B Noteholders, pro rata; and
(ii) the balance of such Available Principal Collections shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(cd) On each Transfer Distribution Date with respect to the Controlled Accumulation Scheduled Amortization Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during an amount up to the Controlled Accumulation PeriodClass A Principal Balance on such Distribution Date shall be distributed to the Class A Noteholders;
(ii) for each Distribution Date beginning on the Distribution Date on which the Class A Principal Balance is paid in full, an amount up to the Class B Principal Balance on such Distribution Date shall be distributed to the Class B Noteholders; and
(iii) for each Distribution Date beginning on the Distribution Date on which the Class B Principal Balance is paid in full, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remainingbalance, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (World Financial Network Credit Card Master Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply, or shall cause the Indenture Trustee in writing (which writing shall be substantially to apply by written instruction to the Indenture Trustee in the form of Exhibit B) to withdraw and the Indenture TrusteeB attached hereto, acting in accordance with such instructions, shall withdraw on such Transfer Date or related each Distribution Date, Available Finance Charge Collections and Available Principal Collections, as applicablethe case may be, on deposit in the Collection Account with respect to the extent of available funds, related Monthly Period or such Distribution Date to make the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as followsfollowing distributions:
(a) On each Transfer Distribution Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following amounts and priority:
(i) an amount equal to the Monthly Servicing Fee, plus the amount of any Monthly Servicing Fee previously due but not distributed to the Servicer on one or more prior Distribution Dates, shall be distributed to the Servicer (unless such amount has been netted against deposits to the Collection Account in accordance with Section 8.04 of the Master Indenture);
(ii) an amount equal to the Class A Monthly Interest for such Distribution Date, plus the amount of any Class A Deficiency AmountMonthly Interest previously due but not distributed to Class A Noteholders on one or more prior Distribution Dates, plus the amount of any Class A Additional Interest for such Distribution DateDates, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a one or more prior Distribution Date Dates, shall be deposited by distributed to the Servicer or Indenture Trustee into the Paying Agent for payment to Class A Noteholders on such Distribution AccountDate;
(iiiii) an amount equal to the Class M B Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional B Monthly Interest previously due but not distributed to Class M B Noteholders on a one or more prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency AmountDates, plus the amount of any Class B Additional Interest for such Distribution DateDates, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a one or more prior Distribution Date Dates, shall be deposited by distributed to the Servicer or Indenture Trustee into the Paying Agent for payment to Class B Noteholders on such Distribution AccountDate;
(iv) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Distribution Date, plus the amount of any Noteholder Servicing Fee Class C Monthly Interest previously due but not distributed to the Servicer Class C Noteholders on a one or more prior Transfer DateDistribution Dates, plus the amount of any Class C Additional Interest for such Distribution Dates, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on one or more prior Distribution Dates shall be distributed to the ServicerPaying Agent for payment to the Class C Noteholders on such Distribution Date;
(v) [reserved];
(vi) an amount equal to the Aggregate Investor Default Amount and any the Investor Uncovered Dilution Amount Amount, if any, for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) subparagraph shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viiivii) [reserved]upon the occurrence of an Event of Default with respect to Series 2007-1 and acceleration of the maturity of the Series 2007-1 Notes, the balance, if any, up to the outstanding principal amount of the Series 2007-1 Notes will be treated as Available Principal Collections for that Distribution Date for distribution to the Series 2007-1 Noteholders;
(ixviii) on each Transfer Distribution Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in pursuant to Section 4.10(f4.09(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available amount then on deposit in the Reserve Account Amount shall will be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(xix) [reserved];
(xi) an amount equal to any Transition Expenses and other amounts designated in writing the Trust may be liable for from time to time that are not otherwise provided for above will be applied by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with directed by the Transferor's instructionsServicer; and
(xiix) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DateDate and will be available for allocation to other Series in Group One or to the Holder of the Transferor Certificates as described in Section 8.07 of the Master Indenture and Section 4.01.
(b) On each Transfer Distribution Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Master Indenture.
(c) On each Transfer Distribution Date with respect to the Controlled Accumulation Period, Available Principal Collections deposited in the Collection Account for the related Monthly Period or shall be deposited in an amount up to the Monthly Principal for such Distribution Date into the Principal Funding Account and any Available Principal Collections remaining after the deposit of the Monthly Principal into the Principal Funding Account shall be treated as Shared Principal Collections and applied in accordance with Section 8.05 of the Master Indenture.
(d) On each Distribution Date with respect to the Early Amortization Period, an amount equal to the Available Principal Collections deposited in the Collection Account for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Available Principal Collections for such Transfer Distribution Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal distributed to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date Paying Agent for payment to the Class A Noteholders on the related such Distribution Date and on each subsequent Distribution Date until the Class A Note Principal Balance has been paid in fullreduced to zero;
(iiiii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (iii) above, an amount equal to the Monthly any remaining Available Principal remaining, if any, Collections shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment distributed to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date Paying Agent for payment to the Class B Noteholders on the related such Distribution Date and on each subsequent Distribution Date until the Class B Note Principal Balance has been paid reduced to zero;
(iii) after giving effect to the distributions referred to in fullclauses (i) and (ii) above, an amount equal to any remaining Available Principal Collections shall be distributed to the Paying Agent for payment to the Class C Noteholders on such Distribution Date and on each subsequent Distribution Date until the Class C Note Principal Balance has been reduced to zero; and
(viv) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iviii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.05 of the Master Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Distribution Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Final Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Funding Account and deposit into the Distribution Account amounts necessary to pay first, distribute to the Class A Noteholders, an amount equal Paying Agent for payment to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the (i) Class A Noteholders, the amounts deposited into the Principal Funding Account pursuant to Section 4.03(d)(i) until the Class M Noteholders A Notes are paid in full and the then (ii) Class B Noteholders, as applicable, the any remaining amounts deposited for the account of such Noteholders into the Distribution Principal Funding Account pursuant to this Section 4.4(e)4.03(d)(ii) until the Class B Notes are paid in full.
(f) As of any Distribution Date during The Controlled Accumulation Period is scheduled to commence on August 1, 2009; provided, however, that, if the Accumulation Period Length (determined as described below) is less than eight months, the date on which the Controlled Accumulation Period or Early Amortization Periodactually commences will be delayed to the first Business Day of the month that is the number of whole months prior to the Expected Final Principal Payment Date at least equal to the Accumulation Period Length and, as a result, the Collateral Amount shall number of Monthly Periods in the Controlled Accumulation Period will at least equal the Accumulation Period Length. On the Determination Date immediately preceding the July 2009 Distribution Date, and each Determination Date thereafter until the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length”, which will equal the number of whole months such that the sum of the Accumulation Period Factors for each month during such period will be reduced by equal to or greater than the Surplus Collateral AmountRequired Accumulation Factor Number; provided, however, that the Accumulation Period Length will not be determined to be less than one month; provided further, however, that the determination of the Accumulation Period Length may be changed at any time if the Rating Agency Condition is satisfied.
Appears in 1 contract
Samples: Indenture Supplement (Nordstrom Inc)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) to pay, on a pari passu basis, the following amounts, to the extent allocated to Series 2016-1 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of $25,000 for each calendar year, (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of $25,000 for each calendar year and (C) the payment to the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar year;
(ii) an amount equal to the Noteholder Servicing Fee for the related Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not paid by the Issuer on a prior Payment Date, shall be paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Distribution Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Payment Date, plus the amount of any Class A Additional Interest previously due but not distributed paid to Class A Noteholders on a prior Distribution Date Payment Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iiiiv) an amount equal to Class B Monthly Interest for such Distribution Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Payment Date, plus the amount of any Class B Additional Interest previously due but not distributed paid to Class B Noteholders on a prior Distribution Date Payment Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ivv) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Noteholder Servicing Fee Class C Additional Interest previously due but not distributed paid to the Servicer Class C Noteholders on a prior Transfer Payment Date, shall be distributed to deposited into the Servicer;
(v) [reserved]Distribution Account;
(vi) an amount equal to Class D Monthly Interest for such Payment Date, plus any Class D Deficiency Amount, plus the Aggregate amount of any Class D Additional Interest for such Payment Date, plus the amount of any Class D Additional Interest previously due but not paid to Class D Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vii) (A) first, an amount equal to the Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vii) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(viiviii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(viii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(x) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.11(e) shall be deposited into the Spread Account;
(xi) without duplication of the amount specified in clause (vii)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xii) [Reserved];
(xiii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2016-1 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided, that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiv)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2016-1 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xiii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied allocated in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and fourth to the Class D Noteholders until the Class D Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date, to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date and to the Class D Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(vi) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal to until the Class B Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account full; third to the Class A Noteholders, C Noteholders until the Class M Noteholders C Principal Balance is paid in full; and fourth to the Class B Noteholders, as applicable, D Noteholders until the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)Class D Note Principal Balance is paid in full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Principal Collections allocated to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series issued pursuant to this Indenture Supplement that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (Synchrony Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following prioritypriority from funds on deposit in the Finance Charge Account:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts to the extent allocated to Series 2014-VFN[—] pursuant to Section 8.4(d) of the Indenture: (A) accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date each calendar year shall be deposited by into the Servicer or Indenture Distribution Account, (B) the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of $25,000 for each calendar year shall be deposited into the Distribution Account and (C) the accrued and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar year shall be deposited into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer on a prior Transfer Date, shall be distributed deposited to the ServicerDistribution Account;
(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited to the Distribution Account;
(iv) to the extent not otherwise paid by or on behalf of the Transferor, an amount sufficient to pay the unpaid Class A Non-Use Fee, if any, for the related Interest Period plus any Class A Non-Use Fee due but not paid to the Class A Noteholders on any prior Payment Date shall be deposited to the Distribution Account;
(v) [reserved]an amount sufficient to pay the Class A Rated Additional Amounts, if any, for the related Interest Period plus any Class A Rated Additional Amounts due but not paid to the Class A Noteholders on any prior Payment Date shall be deposited to the Distribution Account;
(vi) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the Aggregate amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited to the Distribution Account;
(vii) to the extent not otherwise paid by or on behalf of the Transferor, an amount sufficient to pay the unpaid Class B Non-Use Fee, if any, for the related Interest Period plus any Class B Non-Use Fee due but not paid to the Class B Noteholders on any prior Payment Date shall be paid to the Issuer; 24 Indenture Supplement Series 2014-VFN[—]
(viii) an amount sufficient to pay the Class B Rated Additional Amounts, if any, for the related Interest Period plus any Class B Rated Additional Amounts due but not paid to the Class B Noteholders on any prior Payment Date shall be deposited to the Distribution Account;
(ix) (A) first, an amount equal to the Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (ix) during the Controlled Accumulation Amortization Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(viix) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(x) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Amortization Period or Early Amortization Period, shall be deposited into the Principal Account on such Payment Date;
(viiixi) an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.10(e) shall be deposited into the Spread Account;
(xii) an amount sufficient to pay the aggregate Class A Senior Unrated Additional Amounts, if any, for the related Interest Period, plus any Class A Senior Unrated Additional Amounts due but not paid to the Class A Noteholders on any prior Payment Date shall be deposited to the Distribution Account;
(xiii) an amount sufficient to pay the aggregate Class B Senior Unrated Additional Amounts, if any, for the related Interest Period, plus any Class B Senior Unrated Additional Amounts due but not paid to the Class B Noteholders on any prior Payment Date shall be deposited to the Distribution Account;
(xiv) [reserved];
(ixxv) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal sufficient to pay the excessaggregate Class A Subordinated Unrated Additional Amounts, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructions; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Interest Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment plus any Class A Subordinated Unrated Additional Amounts due but not paid to the Class A Noteholders on any prior Payment Date shall be deposited to the related Distribution Date until the Class A Note Principal Balance has been paid in fullAccount;
(iiixvi) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal sufficient to pay the Monthly Principal remainingaggregate Class B Subordinated Unrated Additional Amounts, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Interest Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment plus any Class B Subordinated Unrated Additional Amounts due but not paid to the Class B Noteholders on the related Distribution any prior Payment Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 deposited to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.;
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Funding Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest Payment for such Distribution Date, plus any Class A Deficiency AmountInterest Shortfall, plus the amount of any Class A Additional Default Interest for such Distribution Date, plus the amount of any Class A Additional Default Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest Payment for such Distribution Date, plus any Class B Deficiency AmountInterest Shortfall, plus the amount of any Class B Additional Default Interest for such Distribution Date, plus the amount of any Class B Additional Default Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iviii) if Servicer is a Person other than FNBO or an Affiliate of FNBO, an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(viv) [reserved]an amount equal to Class C Monthly Interest Payment for such Distribution Date, plus any Class C Interest Shortfall, plus the amount of any Class C Default Interest for such Distribution Date, plus the amount of any Class C Default Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by Servicer or Indenture Trustee into the Distribution Account;
(viv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Rapid Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(vii) [(A) an amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account and then (B)] an amount equal to the excess, if any, of the Required Spread Account Amount over the Available Spread Account Amount shall be deposited into the Spread Account;
(viii) [reserved]if Servicer is FNBO or an Affiliate of FNBO, an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to Servicer on a prior Transfer Date, shall be distributed to Servicer;
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(x) [reserved];
(xi) an amount equal to any amounts designated in writing by the Transferor other payments owed to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections Class C Noteholders under the Class C Note Purchase Agreement shall be paid in accordance with to the Transferor's instructionsClass C Noteholders]; and
(xiixi) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Excess Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Rapid Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Rapid Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Rapid Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(iv) during the Rapid Amortization Period, after giving effect to the distributions referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Rapid Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Excess Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 5.02 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.04(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.04(a)(ii) on and to the preceding Transfer DateClass C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.04(a)(iv).
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Rapid Amortization Period and (ii) the Transfer Date immediately preceding the Class A/B Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balanceuntil paid in full, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal until paid in full, and, if the Rapid Amortization Period has commenced, any remainder to the Class B Note C Noteholders, the amounts deposited into the Principal BalanceAccumulation Account pursuant to subsections 4.04(c)(i). The On the Class C Expected Principal Payment Date, if the Rapid Amortization Period has not commenced, Indenture Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account for payment to the Class C Noteholders the amounts deposited into the Principal Accumulation Account pursuant to subsection 4.04(c)(i) on the related Transfer Date. Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 5.02 pay from the Distribution Account to the Class A Noteholders, the Class M B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(esubsection 4.04(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
Appears in 1 contract
Samples: Indenture Supplement (First Bankcard Master Credit Card Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before prior to each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On or prior to each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date Monthly Period will be distributed paid or deposited in the following priority:
(i) to pay, on a pari passu basis, the following amounts, to the extent allocated to Series 2015-3 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of $25,000 for each calendar year, (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of $25,000 for each calendar year and (C) the payment to the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar year;
(ii) an amount equal to the Noteholder Servicing Fee for the related Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not paid by the Issuer on a prior Payment Date, shall be paid to the Servicer;
(iii) an amount equal to Class A Monthly Interest for such Distribution Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Payment Date, plus the amount of any Class A Additional Interest previously due but not distributed paid to Class A Noteholders on a prior Distribution Date Payment Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iiiiv) an amount equal to Class B Monthly Interest for such Distribution Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Payment Date, plus the amount of any Class B Additional Interest previously due but not distributed paid to Class B Noteholders on a prior Distribution Date Payment Date, shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ivv) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Noteholder Servicing Fee Class C Additional Interest previously due but not distributed paid to the Servicer Class C Noteholders on a prior Transfer Payment Date, shall be distributed to deposited into the Servicer;
(v) [reserved]Distribution Account;
(vi) an amount equal to Class D Monthly Interest for such Payment Date, plus any Class D Deficiency Amount, plus the Aggregate amount of any Class D Additional Interest for such Payment Date, plus the amount of any Class D Additional Interest previously due but not paid to Class D Noteholders on a prior Payment Date shall be deposited into the Distribution Account;
(vii) (A) first, an amount equal to the Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vii) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(viiviii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(viii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and, during the Controlled Accumulation Period or Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Account;
(x) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.11(e) shall be deposited into the Spread Account;
(xi) without duplication of the amount specified in clause (vii)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xii) [Reserved];
(xiii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts designated owed to such Persons listed in writing by clause (i) above that have been allocated to Series 2015-3 pursuant to Section 8.4(d) of the Transferor Indenture and that have not been paid pursuant to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections clause (i) above shall be paid in accordance with the Transferor's instructionsto such Persons; and
(xiixiv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided, that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xiv)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2015-3 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xiii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer.
(b) On or prior to each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied allocated in accordance with Section 8.5 of the Indenture.
(c) On or prior to each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect reduced to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment zero; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in fullreduced to zero; third to the Class C Noteholders until the Class C Note Principal Balance has been reduced to zero; and fourth to the Class D Noteholders until the Class D Note Principal Balance has been reduced to zero; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date, to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date and to the Class D Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(vi) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal to until the Class B Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account full; third to the Class A Noteholders, C Noteholders until the Class M Noteholders C Principal Balance is paid in full; and fourth to the Class B Noteholders, as applicable, D Noteholders until the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)Class D Note Principal Balance is paid in full.
(f) As of any Distribution Payment Date during the Controlled Accumulation Period or Early Amortization PeriodPeriod on which Principal Collections allocated to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series issued pursuant to this Indenture Supplement that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
Appears in 1 contract
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2007-2 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) on a pari passu basis based on the amounts owing to the Class A Noteholders and each Class A Counterparty pursuant to this Section 4.4(a)(iii): (A) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class A Senior Swap Payment for such Payment Date and any unpaid Class A Senior Swap Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be paid to the Class A Counterparty;
(iv) on a pari passu basis based on the amounts owing to the Class B Noteholders and each Class B Counterparty pursuant to this Section 4.4(a)(iv): (A) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class B Senior Swap Payment for such Payment Date and any unpaid Class B Senior Swap Payments owed to the Class B Counterparty in respect of any prior Payment Date shall be paid to the Class B Counterparty;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and each Class C Counterparty pursuant to this Section 4.4(a)(v): (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, and (B) any Class C Senior Swap Payment for such Payment Date and any unpaid Class C Senior Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes issued on any date prior to September 22, 2004 and any Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) an amount equal to any amounts designated in writing by the Transferor Subordinated Termination Payments owing to the Servicer Class A Counterparty and Indenture Trustee as any other amounts owing to be paid from Available Finance Charge Collections the Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty;
(xii) an amount equal to any Subordinated Termination Payments owing to the Class B Counterparty and any other amounts owing to the Class B Counterparty under the Class B Swap shall be paid to the Class B Counterparty;
(xiii) an amount equal to any Subordinated Termination Payments owing to the Class C Counterparty and any other amounts owing to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xiv) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series 2007-2 pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution DatePayment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such Excess Finance Charge Collections would be paid to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be payable to the Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause (xv)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2007-2 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xiv) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer in respect of the Ownership Interest.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date or Payment Date, as applicable, with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed paid or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Principal Accumulation AccountAccount on the related Payment Date;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such each Transfer Date shall be deposited into the Distribution Account on such Transfer the related Payment Date and on each subsequent Transfer such Payment Date for payment shall be paid, first to the Class A Noteholders on the related Distribution Payment Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment ; second to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and third to the Class C Noteholders until the Class C Note Principal Balance has been paid in full; and
(viii) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through and (ivii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. As of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Available Principal Collections are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Available Principal Collections applied as Shared Principal Collections and (y) the Surplus Collateral Amount.
(d) On each Distribution Payment Date, the Indenture Trustee Issuer shall pay in accordance with Section 5.2 4.5 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.4(a)(iii) on the preceding Transfer such Payment Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.4(a)(iv) on such Payment Date and to the preceding Transfer Class C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on such Payment Date.
(e) On the earlier to occur of (i) the first Transfer Payment Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, Issuer shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) and on such Payment Date shall pay first, such amount first to the Class A Noteholders, an amount equal to until the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, Balance is paid in full; second to the Class B Noteholders, an amount equal Noteholders until the Class B Principal Balance is paid in full; and third to the Class B C Noteholders until the Class C Note Principal Balance. The Indenture Trustee, acting Balance is paid in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e)full.
(f) As The Issuer shall distribute any funds received in respect of any Distribution Date during the Controlled Accumulation Period or Early Amortization PeriodOwnership Interest to RFS Holding, L.L.C. as a distribution on RFS Holding, L.L.C.’s beneficial interest in the Collateral Amount shall be reduced by the Surplus Collateral AmountIssuer.
Appears in 1 contract
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Accumulation Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Payment Date will be distributed paid or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Datepay, plus any Class A Deficiency Amounton a pari passu basis, plus the following amounts, to the extent allocated to Series 2007-1 pursuant to Section 8.4(d) of the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of any Class A Additional Interest $25,000 for such Distribution Dateeach calendar year, plus (B) the payment to the Trustee of the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of any Class A Additional Interest previously due but not distributed $25,000 for each calendar year and (C) the payment to Class A Noteholders on the Administrator of the accrued and unpaid fees and other amounts owed to the Administrator up to a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Accountmaximum amount of $25,000 for each calendar year;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed paid to the Servicer Issuer on a prior Transfer Date, shall be distributed paid to the Servicer;
(iii) on a pari passu basis based on the amounts owing to the Class A Noteholders and each Class A Counterparty pursuant to this Section 4.4(a)(iii): (A) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited into the Distribution Account, and (B) any Class A Senior Swap Payment for such Payment Date and any unpaid Class A Senior Swap Payments owed to the Class A Counterparty in respect of any prior Payment Date shall be paid to the Class A Counterparty;
(iv) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;
(v) [reserved]on a pari passu basis based on the amounts owing to the Class C Noteholders and each Class C Counterparty pursuant to this Section 4.4(a)(v): (A) an amount equal to Class C Monthly Interest for such Payment Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional Interest previously due but not paid to the Class C Noteholders on a prior Payment Date shall be deposited into the Distribution Account, and (B) any Class C Senior Swap Payment for such Payment Date and any unpaid Class C Senior Swap Payments owed to the Class C Counterparty in respect of any prior Payment Date shall be paid to the Class C Counterparty;
(vi) (A) first, an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Payment Date shall be treated as a portion of Available Principal Collections for such Distribution Payment Date andand (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date, and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (vi) during the Controlled Accumulation Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Transfer Payment Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viiSection 4.4(a)(vii) shall be treated as a portion of Available Principal Collections for such Distribution Payment Date and during the Controlled Accumulation Period or Early Amortization Period shall be deposited into the Principal Account on the related Payment Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f4.10(e), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account;
(ix) an amount equal to the amounts required to be deposited in the Spread Account as provided in pursuant to Section 4.10(a)4.11(e) shall be deposited into the Spread Account;
(x) [reserved]without duplication of the amount specified in clause (vi)(B) of this Section 4.4(a), an amount equal to the Series Allocation Percentage (calculated by excluding all outstanding Series of Notes issued on any date prior to September 22, 2004 and any Series of Notes excluded from this calculation pursuant to the terms of the Indenture Supplement for such Series) of the excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as a portion of Available Principal Collections for such Payment Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Payment Date;
(xi) an amount equal to any amounts designated in writing by the Transferor Subordinated Termination Payments owing to the Servicer Class A Counterparty and Indenture Trustee as any other amounts owing to be paid from Available Finance Charge Collections the Class A Counterparty under the Class A Swap shall be paid to the Class A Counterparty;
(xii) an amount equal to any Subordinated Termination Payments owing to the Class C Counterparty and any other amounts owing to the Class C Counterparty under the Class C Swap shall be paid to the Class C Counterparty;
(xiii) unless an Early Amortization Event shall have occurred and be continuing, on a pari passu basis any amounts owed to such Persons listed in accordance with clause (i) above that have been allocated to Series 2007-1 pursuant to Section 8.4(d) of the Transferor's instructionsIndenture and that have not been paid pursuant to clause (i) above shall be paid to such Persons; and
(xiixiv) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Payment Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall and will be treated as Shared Principal Collections and applied in accordance with Section 8.5 8.6 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the ; provided that during an Early Amortization Period, an amount equal if any such Excess Finance Charge Collections would be paid to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application Transferor in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iii) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.with
Appears in 1 contract
Samples: Indenture Supplement (GE Capital Credit Card Master Note Trust)
Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Funding Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to the unpaid Class A Monthly Interest shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for such distribution to the Class A Noteholders in accordance with Section 6.2;
(ii) an amount equal to the unpaid Class A Non-Use Fee, if any, for the related Distribution Date, Period plus any Class A Deficiency AmountNon-Use Fee due but not paid to the Class A Noteholders on any prior Distribution Date and amount equal to the Class A Additional Amounts, if any, for the related Distribution Period plus the amount of any Class A Additional Interest Amounts due but not paid to the Class A Noteholders on any prior Distribution Date shall be deposited by Servicer or the Indenture Trustee into the Distribution Account for distribution to the Class A Noteholders in accordance with Section 6.2; provided, that the amounts distributed pursuant to this clause 5.4(a)(ii) shall not exceed 0.50% of the Weighted Average Collateral Amount over the Distribution Period;
(iii) an amount equal to the Noteholder Servicing Fee for such Distribution Transfer Date, plus the amount of any Class A Additional Interest Noteholder Servicing Fee previously due but not distributed to Class A Noteholders the Servicer on a prior Distribution Date Transfer Date, shall be deposited by distributed to the Servicer or Indenture Trustee into the Distribution AccountServicer;
(iiiv) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iiiv) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ivvi) an amount equal to the Noteholder Servicing Fee Class C Monthly Interest for such Transfer Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Noteholder Servicing Fee Class C Additional Interest previously due but not distributed to the Servicer Class C Noteholders on a prior Transfer Date, Distribution Date shall be distributed to deposited by the ServicerServicer or Indenture Trustee into the Distribution Account;
(v) [reserved];
(vivii) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Amortization Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viiviii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection clause (viiviii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved];
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section 4.10(f), an amount equal to the excess, if any, of the Required Reserve Account Cash Collateral Amount over the Available Reserve Account Cash Collateral Amount shall be deposited into the Reserve Account as provided in Section 4.10(a)Cash Collateral Account;
(x) [reserved]an amount equal to the amounts required to be deposited in the Spread Account pursuant to subsection 5.11(f) shall be deposited into the Spread Account as provided in subsection 5.11(f);
(xi) any amounts designated not distributed pursuant to clause 5.4(a)(ii) because of the proviso in writing by such section shall be withdrawn from the Transferor Finance Charge Account and deposited into the Distribution Account for distribution to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructionsClass A Noteholders; and
(xii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to During the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall will be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Amortization Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Class A Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Class M Monthly Principal remaining, if any, for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Class B Monthly Principal remaining, if any, for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(iv) an amount equal to the Class C Monthly Principal, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 6.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iclauses 5.4(a)(i), (ii) and (xi) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiclauses 5.4(a)(iv) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiclauses 5.4(a)(v) on the preceding Transfer Date.
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay C Noteholders from the Distribution Account to the Class A NoteholdersAccount, the Class M Noteholders and the Class B Noteholders, as applicable, the amounts amount deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(eclause 5.4(a)(vi).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
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Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution Date, plus any Class A Deficiency Amount, plus the amount of any Class A Additional Interest for such Distribution Date, plus the amount of any Class A Additional Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest for such Distribution Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional Interest for such Distribution Date, plus the amount of any Class B Additional Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iv) an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(v) [reserved]an amount equal to Class C Monthly Interest for such Distribution Date, plus any Class C Deficiency Amount, plus the amount of any Class C Additional Interest for such Distribution Date, plus the amount of any Class C Additional Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(vi) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on the related Transfer Date;
(vii) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (vii) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(viii) [reserved]an amount equal to the excess, if any, of the Required Cash Collateral Amount over the Available Cash Collateral Amount shall be deposited into the Cash Collateral Account as provided in Section 4.11(b);
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.12(f) shall be deposited into the Spread Account as provided in Section 4.12(f);
(xi) [reservedReserved];
(xixii) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's ’s instructions; and
(xiixiii) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(v) during the Early Amortization Period, after giving effect to the distributions referred to in clauses (ii), (iii) and (iv) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and
(vvi) in the case of each of the Controlled Accumulation Period and the Early Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (ivv) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(ii) on the preceding Transfer Date), and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection Section 4.4(a)(iii) on and to the preceding Transfer DateClass C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v).
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balance, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal to the Class B Note Principal Balance, and fourth, to the Class C Noteholders, an amount equal to the Class C Note Principal Balance. The Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 pay from the Distribution Account to the Class A Noteholders, the Class M Noteholders, the Class B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section subsection 4.4(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
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Application of Available Finance Charge Collections and Available Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Funding Account and the Distribution Account as follows:
(a) On each Transfer Date, an amount equal to the Available Finance Charge Collections with respect to the related Distribution Date will be distributed or deposited in the following priority:
(i) an amount equal to Class A Monthly Interest Payment for such Distribution Date, plus any Class A Deficiency AmountInterest Shortfall, plus the amount of any Class A Additional Default Interest for such Distribution Date, plus the amount of any Class A Additional Default Interest previously due but not distributed to Class A Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(ii) an amount equal to Class M Monthly Interest for such Distribution Date, plus any Class M Deficiency Amount, plus the amount of any Class M Additional Interest for such Distribution Date, plus the amount of any Class M Additional Interest previously due but not distributed to Class M Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iii) an amount equal to Class B Monthly Interest Payment for such Distribution Date, plus any Class B Deficiency AmountInterest Shortfall, plus the amount of any Class B Additional Default Interest for such Distribution Date, plus the amount of any Class B Additional Default Interest previously due but not distributed to Class B Noteholders on a prior Distribution Date shall be deposited by the Servicer or Indenture Trustee into the Distribution Account;
(iviii) if Servicer is a Person other than FNBO or an Affiliate of FNBO, an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to the Servicer on a prior Transfer Date, shall be distributed to the Servicer;
(viv) [reserved]an amount equal to Class C Monthly Interest Payment for such Distribution Date, plus any Class C Interest Shortfall, plus the amount of any Class C Default Interest for such Distribution Date, plus the amount of any Class C Default Interest previously due but not distributed to the Class C Noteholders on a prior Distribution Date shall be deposited by Servicer or Indenture Trustee into the Distribution Account;
(viv) an amount equal to the Aggregate Investor Default Amount and any Investor Uncovered Dilution Amount for such Distribution Date shall be treated as a portion of Available Principal Collections for such Distribution Date and, during the Controlled Accumulation Period or the Early Rapid Amortization Period, deposited into the Principal Account on the related Transfer Date;
(viivi) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this subsection (viivi) shall be treated as a portion of Available Principal Collections for such Distribution Date;
(vii) an amount equal to the excess, if any, of the Required Spread Account Amount over the Available Spread Account Amount shall be deposited into the Spread Account;
(viii) [reserved]if Servicer is FNBO or an Affiliate of FNBO, an amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing Fee previously due but not distributed to Servicer on a prior Transfer Date, shall be distributed to Servicer;
(ix) on each Transfer Date from and after the Reserve Account Funding Date, but prior to the date on which the Reserve Account terminates as described in Section subsection 4.10(f), an amount equal up to the excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount shall be deposited into the Reserve Account as provided in Section 4.10(a);
(x) [reserved];
(xi) any amounts designated in writing by the Transferor to the Servicer and Indenture Trustee as amounts to be paid from Available Finance Charge Collections shall be paid in accordance with the Transferor's instructionsAccount; and
(xiix) the balance, if any, will constitute a portion of Excess Finance Charge Collections for such Distribution Date.
(b) On each Transfer Date with respect to the Revolving Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be treated as Shared Excess Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(c) On each Transfer Date with respect to the Controlled Accumulation Period or the Early Rapid Amortization Period, an amount equal to the Available Principal Collections for the related Monthly Period shall be distributed or deposited in the following order of priority:
(i) during the Controlled Accumulation Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Principal Accumulation Account;
(ii) during the Early Rapid Amortization Period, an amount equal to the Monthly Principal for such Transfer Date shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class A Noteholders on the related Distribution Date until the Class A Note Principal Balance has been paid in full;
(iii) during the Early Rapid Amortization Period, after giving effect to the distribution referred to in clause (ii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class M Noteholders on the related Distribution Date until the Class M Note Principal Balance has been paid in full;
(iv) during the Early Amortization Period, after giving effect to the distribution referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class B Noteholders on the related Distribution Date until the Class B Note Principal Balance has been paid in full;
(iv) during the Rapid Amortization Period, after giving effect to the distributions referred to in clauses (ii) and (iii) above, an amount equal to the Monthly Principal remaining, if any, shall be deposited into the Distribution Account on such Transfer Date and on each subsequent Transfer Date for payment to the Class C Noteholders on the related Distribution Date until the Class C Note Principal Balance has been paid in full; and
(v) in the case of each of the Controlled Accumulation Period and the Early Rapid Amortization Period, the balance of such Available Principal Collections remaining after application in accordance with clauses (i) through (iv) above shall be treated as Shared Excess Principal Collections and applied in accordance with Section 8.5 8.05 of the Indenture.
(d) On each Distribution Date, the Indenture Trustee shall pay in accordance with Section 5.2 5.02 to the Class A Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iSection 4.04(a)(i) on the preceding Transfer Date, to the Class M Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(ii) on the preceding Transfer Date, and to the Class B Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to subsection 4.4(a)(iiiSection 4.04(a)(ii) on and to the preceding Transfer DateClass C Noteholders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.04(a)(iv).
(e) On the earlier to occur of (i) the first Transfer Date with respect to the Early Rapid Amortization Period and (ii) the Transfer Date immediately preceding the Expected Principal Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account amounts necessary to pay first, to the Class A Noteholders, an amount equal to the Class A Note Principal Balanceuntil paid in full, second, to the Class M Noteholders, an amount equal to the Class M Note Principal Balance, and third, to the Class B Noteholders, an amount equal until paid in full, and, if the Rapid Amortization Period has commenced, any remainder to the Class B Note C Noteholders, the amounts deposited into the Principal BalanceAccumulation Account pursuant to subsections 4.04(c)(i). The On the Class C Expected Principal Payment Date, if the Rapid Amortization Period has not commenced, Indenture Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Accumulation Account and deposit into the Distribution Account for payment to the Class C Noteholders the amounts deposited into the Principal Accumulation Account pursuant to subsection 4.04(c)(i) on the related Transfer Date. Indenture Trustee, acting in accordance with the instructions of the Servicer, shall in accordance with Section 5.2 5.02 pay from the Distribution Account to the Class A Noteholders, the Class M B Noteholders and the Class B C Noteholders, as applicable, the amounts deposited for the account of such Noteholders into the Distribution Account pursuant to this Section 4.4(esubsection 4.04(e).
(f) As of any Distribution Date during the Controlled Accumulation Period or Early Amortization Period, the Collateral Amount shall be reduced by the Surplus Collateral Amount.
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Samples: Indenture Supplement (First Bankcard Master Credit Card Trust)
