APPLICATION OF MONIES IN THE TRUSTEE COLLECTION ACCOUNT. On the Relevant Date the Receivables Trustee shall, based on the Daily Report maintained by the Trust Cash Manager or, if applicable, any Co- Trust Cash Manager pursuant to Clause 9.5 (a) with respect to the related Date of Processing, promptly following the transfer of monies from the Barclaycard Operating Account as referred to in Clause 5.2(a) on such Relevant Date, identify amounts, if any, included in such transfer representing the following: - Incorrect Payments; - Principal Collections; - Finance Charge Collections; and - Ineligible Collections (not distributed to the Transferor Beneficiaries pursuant to Clause 5.2(a)(ii) above), and apply such amounts on the Relevant Date in accordance with this Clause 5. In particular, the Receivables Trustee shall instruct the Operating Bank to make the following transfers which shall have been calculated in a manner consistent with the principles set out in the First Schedule as modified by any Supplement: (i) the amount of any Incorrect Payments notified to the Receivables Trustee which have not previously been allocated as Collections representing Trust Property to the Barclaycard Operating Account or, if applicable, the relevant Additional Transferor Operating Account, whereupon such monies shall cease to be Trust Property and shall be owned by each Transferor Beneficiary absolutely to the extent of its pro rata share; (ii) the amount of Ineligible Collections notified to the Receivables Trustee which have not previously been allocated as Principal Collections to the Barclaycard Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account, whereupon such monies shall cease to be Trust Property and shall be owned by each Transferor Beneficiary absolutely to the extent of its pro rata share; (iii) the aggregate amount of Investor Cash Available for Acquisition which is utilised as determined pursuant to the related Supplement from the Trustee Collection Account to the Trustee Acquisition Account (and a corresponding adjustment shall be made to the Principal Collections Ledger); (iv) the Transferor Cash Available for Acquisition from the Trustee Collection Account to the Trustee Acquisition Account (and a corresponding adjustment shall be made to the Principal Collections Ledger); (v) the aggregate amount of Principal Collections allocated to the Investor Interests of any Series minus the Investor Cash Available for Acquisition of such Series (as referred to in (iii) above) to such account or accounts specified in or pursuant to the related Supplement for such Series; (vi) the Transferor Finance Charge Amount and, on each Transfer Date, the Transferor Acquired Interchange Amount from the Trustee Collection Account to the Barclaycard Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account or as each Transferor Beneficiary may direct (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger) whereupon such monies shall cease to be Trust Property and shall be owned by the Transferor Beneficiaries absolutely to the extent of their pro rata shares; and (vii) on each Transfer Date or other date specified in a related Supplement with respect to a Series each Finance Charge Amount and all Acquired Interchange allocable to such Series from the Trustee Collection Account to such account or accounts as may be specified in or pursuant to such related Supplement for such Series (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger). Amounts remaining in the Trustee Collection Account after the application of monies referred to above and in any Supplement shall either remain deposited in the Trustee Collection Account until such time as they are utilised on succeeding Business Days in accordance with this Deed and any Supplement or are invested in Permitted Investments in accordance with Clause 5.1(f).
Appears in 1 contract
Samples: Deed of Amendment and Restatement (Barclaycard Funding PLC)
APPLICATION OF MONIES IN THE TRUSTEE COLLECTION ACCOUNT. On the Relevant Date the Receivables Trustee shall, based on the Daily Report maintained by the Trust Cash Manager or, if applicable, any Co- Co-Trust Cash Manager pursuant to Clause 9.5
(a) with respect to the related Date of Processing, promptly following the transfer of monies from the Barclaycard RBS Securitisation Operating Account or the RBSA Securitisation Operating Account or Additional Transferor Operating Account as referred to in Clause 5.2(a) on such Relevant Date, identify amounts, if any, included in such transfer representing the following: - Incorrect Payments; - Principal Collections; - Unavailable Principal Collections; - Finance Charge CollectionsCollections and Acquired Interchange; and - Ineligible Collections (not distributed to the Transferor Beneficiaries pursuant to Clause 5.2(a)(ii) above); - investment earnings accrued on the Trustee Collection Account, and apply such amounts on the Relevant Date, or in respect of the amounts set out in (vi) and (viii) below on the Transfer Date next following such Relevant Date, in accordance with this Clause 5. In particular, the Receivables Trustee shall instruct the Operating Bank to make the following transfers which shall have been calculated distributions from the Trustee Collection Account in a manner consistent with the principles set out in the First Schedule this Deed as modified by any Supplement:
(i) the amount of any Incorrect Payments notified to the Receivables Trustee which have not previously been allocated as Collections representing Trust Property Property, to the Barclaycard Operating Account or, if applicable, the relevant Additional Transferor Operating RBS Proceeds Account, whereupon such monies shall cease to be Trust Property and shall be owned by each Transferor Beneficiary absolutely to the extent of its pro rata share;
(ii) the amount of Ineligible Collections notified to the Receivables Trustee which have not previously been allocated as Principal Collections to the Barclaycard RBSA Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account, whereupon such monies shall cease to be Trust Property and shall be owned by each the relevant Transferor Beneficiary absolutely absolutely;
(ii) the amount of Ineligible Collections notified to the extent of its pro rata shareReceivables Trustee which have not previously been allocated as Principal Collections to the RBS Proceeds Account, RBSA Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account, whereupon such monies shall cease to be Trust Property and shall be owned by the relevant Transferor Beneficiary absolutely;
(iii) the aggregate amount of Investor Cash Available for Acquisition and the aggregate amount of Unavailable Principal Collections which is are utilised as determined pursuant to the related Supplement Supplement, to the extent required, from the Trustee Collection Account to the Trustee Acquisition Account (and a corresponding adjustment shall be made to the Undivided Principal Collections Ledger);
(iv) the relevant amount of Principal Collections to the relevant Series Collection Account, as specified in or pursuant to the related Supplement for each Series;
(v) subject to Clause 5.2(e), an amount equal to the product of (1) the sum of the Floating Transferor Cash Available Percentages for Acquisition the Monthly Period in which the Date of Processing of such Finance Charge Collections falls and (2) the aggregate amount of Finance Charge Collections processed on such Date of Processing (the "TRANSFEROR FINANCE CHARGE AMOUNT") from the Trustee Collection Account to the Trustee Acquisition RBS Proceeds Account, RBSA Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account or as each Transferor Beneficiary may direct (and a corresponding adjustment shall be made to the Principal Finance Charge Collections Ledger)) whereupon such monies shall cease to be Trust Property and shall be owned by the relevant Transferor Beneficiary absolutely;
(vvi) on each Transfer Date an amount equal to the product of (1) the sum of the Transferor Floating Percentages for the Monthly Period preceding such Transfer Date and (2) the aggregate amount of Principal Collections allocated to the Investor Interests of any Series minus the Investor Cash Available for Acquisition of such Series (as referred to in (iii) above) to such account or accounts specified in or pursuant to the related Supplement for such Series;
(vi) the Transferor Finance Charge Amount and, on each Transfer Date, the Transferor Acquired Interchange Amount deposited by the Transferors and each Additional Transferor in the Trustee Collection Account (the "TRANSFEROR ACQUIRED INTERCHANGE AMOUNT") from the Trustee Collection Account to the Barclaycard RBS Proceeds Account, RBSA Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account or as each Transferor Beneficiary may direct (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger) whereupon such monies shall cease to be Trust Property and shall be owned by the Transferor Beneficiaries absolutely to the extent of their pro rata shares; and
(vii) on each Transfer subject to Clause 5.2(f), an amount equal to the product of (1) the sum of the Floating Investor Percentages in respect of all Outstanding Series for the Monthly Period in which the relevant Date or other date specified in a related Supplement with respect to a Series each of Processing of such Finance Charge Amount Collections falls and all Acquired Interchange allocable to (2) the aggregate amount of Finance Charge Collections processed on such Series Date of Processing (the "INVESTOR FINANCE CHARGE AMOUNT") from the Trustee Collection Account to such account the relevant Series Collection Account or accounts as each Investor Beneficiary may be specified direct in or pursuant relation to such related Supplement for such the amounts thereof referable to the Series in respect of which that relevant Investor Beneficiary is the Investor Beneficiary (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger) whereupon such monies shall cease to be Undivided Bare Trust Property;
(viii) on each Transfer Date an amount equal to (1) the sum of the Floating Investor Percentages in respect of all Outstanding Series for the Monthly Period preceding the Transfer Date and (2) the aggregate amount of Acquired Interchange deposited by the Transferors and each Additional Transferor in the Trustee Collection Account that month (the "INVESTOR ACQUIRED INTERCHANGE AMOUNT"), from the Trustee Collection Account to the relevant Series Collection Account or as each Investor Beneficiary may direct in relation to the amounts thereof referable to the Series in respect of which that relevant Investor Beneficiary is the Investor Beneficiary (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger) whereupon such monies shall cease to be Undivided Bare Trust Property. Amounts remaining in the Trustee Collection Account after the application of monies referred to above and in any Supplement shall either remain deposited in the Trustee Collection Account until such time as they are utilised on succeeding Business Days in accordance with this Deed and any Supplement or are invested in Permitted Investments in accordance with Clause 5.1(f5.1(g).
Appears in 1 contract
Samples: Receivables Trust Deed and Trust Cash Management Agreement (Arran Funding LTD)
APPLICATION OF MONIES IN THE TRUSTEE COLLECTION ACCOUNT. On the Relevant Date the Receivables Trustee shall, based on the Servicer Daily Report maintained by the Trust Cash Manager or, if applicable, any Co- Trust Cash Manager Servicer pursuant to Clause 9.5
(a9.5(a) with respect to the related Date of Processing, promptly following the transfer of monies from the Barclaycard Capital One Operating Account as referred to in Clause 5.2(a) on such Relevant Date, (1) identify amounts, if any, included in such transfer and (2) identify any other amounts in the Trustee Collection Account which did not derive from such transfer on such Relevant Date, in the case of (1) and (2) representing the following: - Incorrect Payments; - Principal Collections; - Unavailable Principal Collections; - Finance Charge CollectionsCollections and Acquired Interchange; and - Ineligible Collections (not distributed to the Transferor Beneficiaries Beneficiary pursuant to Clause 5.2(a)(ii) above); and - investment earnings accrued on the Trustee Collection Account, and apply such amounts on the Relevant Date, or in respect of the amounts set out in (vi) and (viii) below on the Transfer Date next following such Relevant Date, in accordance with this Clause 5. In particular, the Receivables Trustee shall instruct the Operating Bank to make the following transfers which shall have been calculated distributions (except for (vii) below) from the Trustee Collection Account, in a manner consistent with the principles set out in the First Schedule this Deed as modified by any Supplement:
(i) the amount of any Incorrect Payments notified to the Receivables Trustee which have not previously been allocated as Collections representing Trust Property Property, to the Barclaycard Operating Account or, if applicable, the relevant Additional Transferor Capital One Operating Account, whereupon such monies shall cease to be Trust Property and shall be owned by each the Transferor Beneficiary absolutely to the extent of its pro rata shareabsolutely;
(ii) the amount of Ineligible Collections notified to the Receivables Trustee which have not previously been allocated as Principal Collections Collections, to the Barclaycard Proceeds Account or, if applicable, the relevant Additional Transferor Capital One Proceeds Account, whereupon such monies shall cease to be Trust Property and shall be owned by each the Transferor Beneficiary absolutely to the extent of its pro rata shareabsolutely;
(iii) the aggregate relevant amount of Principal Collections distributable to an Investor Beneficiary in respect of any Related Debt and/or Series shall be identified for such Related Debt and/or Series and either credited to the relevant ledger(s) established in respect of such Related Debt and/or Series or otherwise distributed, in each case as provided in the related Supplement for such Related Debt and/or Series;
(iv) subject to Clause 5.2(b)(ix) and subject to the provisions of any Supplement which require any amounts to be retained in the Principal Collections Ledger (whether on account of Required Retained Principal Collections or otherwise), the amount of any Principal Collections remaining after the application of the amounts referred to in (i) to (iii) above (which shall constitute "Cash Available for Acquisition which is utilised as determined pursuant to the related Supplement from the Trustee Collection Account Investment"), to the Trustee Acquisition Investment Account (and a corresponding adjustment shall be made to the Principal Collections Ledger);
(iv) the Transferor Cash Available for Acquisition from Ledger in the Trustee Collection Account to the Trustee Acquisition Account (and a corresponding adjustment shall be made to the Principal Collections LedgerAccount);
(v) subject to Clause 5.2(f), an amount equal to the product of (1) the Floating Transferor Percentage for the Monthly Period in which such Finance Charge Collections arise and (2) the aggregate amount of Principal Finance Charge Collections allocated relating to the Investor Interests relevant Date of any Series minus Processing (the Investor Cash Available for Acquisition of such Series (as referred to in (iii) above) to such account or accounts specified in or pursuant to the related Supplement for such Series;
(vi) the "Transferor Finance Charge Amount and, on each Transfer Date, the Transferor Acquired Interchange Amount from the Trustee Collection Account Amount") to the Barclaycard Proceeds Account or, if applicable, the relevant Additional Transferor Capital One Proceeds Account or as each the Transferor Beneficiary may direct (and a corresponding adjustment shall be made to the Finance Charge Collections LedgerLedger in the Trustee Collection Account) whereupon such monies shall cease to be Trust Property and shall be owned by the Transferor Beneficiaries absolutely to the extent of their pro rata shares; andBeneficiary absolutely;
(viivi) on each Transfer Date or other date specified in a related Supplement with respect to a Series each Finance Charge Amount and all Acquired Interchange allocable to such Series from the Trustee Collection Account to such account or accounts as may be specified in or pursuant to such related Supplement for such Series (and a corresponding adjustment shall be made an amount equal to the Finance Charge Collections Ledger). Amounts remaining in product of (1) the Trustee Collection Account after Floating Transferor Percentage for the application of monies referred to above and in any Supplement shall either remain deposited in the Trustee Collection Account until Monthly Period preceding such time as they are utilised on succeeding Business Days in accordance with this Deed and any Supplement or are invested in Permitted Investments in accordance with Clause 5.1(f).Transfer Date and
Appears in 1 contract
APPLICATION OF MONIES IN THE TRUSTEE COLLECTION ACCOUNT. On the Relevant Date the Receivables Trustee shall, based on the Daily Report maintained by the Trust Cash Manager or, if applicable, any Co- Co-Trust Cash Manager pursuant to Clause 9.5
(a) with respect to the related Date of Processing, promptly following the transfer of monies from the Barclaycard Operating Account as referred to in Clause 5.2(a) on such Relevant Date, identify amounts, if any, included in such transfer representing the following: - Incorrect Payments; - Principal Collections; - Finance Charge Collections; and - Ineligible Collections (not distributed to the Transferor Beneficiaries pursuant to Clause 5.2(a)(ii) above), and apply such amounts on the Relevant Date in accordance with this Clause 5. In particular, the Receivables Trustee shall instruct the Operating Bank to make the following transfers which shall have been calculated in a manner consistent with the principles set out in the First Schedule as modified by any Supplement:
(i) the amount of any Incorrect Payments notified to the Receivables Trustee which have not previously been allocated as Collections representing Trust Property to the Barclaycard Operating Account or, if applicable, the relevant Additional Transferor Operating Account, whereupon such monies shall cease to be Trust Property and shall be owned by each Transferor Beneficiary absolutely to the extent of its pro rata share;
(ii) the amount of Ineligible Collections notified to the Receivables Trustee which have not previously been allocated as Principal Collections to the Barclaycard Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account, whereupon such monies shall cease to be Trust Property and shall be owned by each Transferor Beneficiary absolutely to the extent of its pro rata share;
(iii) the aggregate amount of Investor Cash Available for Acquisition which is utilised as determined pursuant to the related Supplement from the Trustee Collection Account to the Trustee Acquisition Account (and a corresponding adjustment shall be made to the Principal Collections Ledger);
(iv) the Transferor Cash Available for Acquisition from the Trustee Collection Account to the Trustee Acquisition Account (and a corresponding adjustment shall be made to the Principal Collections Ledger);
(v) the aggregate amount of Principal Collections allocated to the Investor Interests of any Series minus the Investor Cash Available for Acquisition of such Series (as referred to in (iii) above) to such account or accounts specified in or pursuant to the related Supplement for such Series;
(vi) the Transferor Finance Charge Amount and, on each Transfer Date, the Transferor Acquired Interchange Amount from the Trustee Collection Account to the Barclaycard Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account or as each Transferor Beneficiary may direct (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger) whereupon such monies shall cease to be Trust Property and shall be owned by the Transferor Beneficiaries absolutely to the extent of their pro rata shares; and
(vii) on each Transfer Date or other date specified in a related Supplement with respect to a Series each Finance Charge Amount and all Acquired Interchange allocable to such Series from the Trustee Collection Account to such account or accounts as may be specified in or pursuant to such related Supplement for such Series (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger). Amounts remaining in the Trustee Collection Account after the application of monies referred to above and in any Supplement shall either remain deposited in the Trustee Collection Account until such time as they are utilised on succeeding Business Days in accordance with this Deed and any Supplement or are invested in Permitted Investments in accordance with Clause 5.1(f).
Appears in 1 contract
Samples: Deed of Amendment and Restatement (Barclaycard Funding PLC)
APPLICATION OF MONIES IN THE TRUSTEE COLLECTION ACCOUNT. On the Relevant Date the Receivables Trustee shall, based on the Daily Report maintained by the Trust Cash Manager or, if applicable, any Co- Trust Cash Manager pursuant to Clause 9.5
(a) with respect to the related Date of Processing, promptly following the transfer of monies from the Barclaycard RBS Securitisation Operating Account or the RBSA Securitisation Operating Account or Additional Transferor Operating Account as referred to in Clause 5.2(a) on such Relevant Date, identify amounts, if any, included in such transfer representing the following: - Incorrect Payments; - Unavailable Principal Collections; - Finance Charge CollectionsCollections and Acquired Interchange; and - Ineligible Collections (not distributed to the Transferor Beneficiaries pursuant to Clause 5.2(a)(ii) above); - investment earnings accrued on the Trustee Collection Account, and apply such amounts on the Relevant Date, or in respect of the amounts set out in (vi) and (viii) below on the Transfer Date next following such Relevant Date, in accordance with this Clause 5. In particular, the Receivables Trustee shall instruct the Operating Bank to make the following transfers which shall have been calculated distributions from the Trustee Collection Account in a manner consistent with the principles set out in the First Schedule this Deed as modified by any Supplement:
(i) the amount of any Incorrect Payments notified to the Receivables Trustee which have not previously been allocated as Collections representing Trust Property Property, to the Barclaycard Operating Account or, if applicable, the relevant Additional Transferor Operating RBS Proceeds Account, whereupon such monies shall cease to be Trust Property and shall be owned by each Transferor Beneficiary absolutely to the extent of its pro rata share;
(ii) the amount of Ineligible Collections notified to the Receivables Trustee which have not previously been allocated as Principal Collections to the Barclaycard RBSA Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account, whereupon such monies shall cease to be Trust Property and shall be owned by each the relevant Transferor Beneficiary absolutely absolutely;
(ii) the amount of Ineligible Collections notified to the extent of its pro rata shareReceivables Trustee which have not previously been allocated as Principal Collections to the RBS Proceeds Account, RBSA Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account, whereupon such monies shall cease to be Trust Property and shall be owned by the relevant Transferor Beneficiary absolutely;
(iii) the aggregate amount of Investor Cash Available for Acquisition and the aggregate amount of Unavailable Principal Collections which is are utilised as determined pursuant to the related Supplement Supplement, to the extent required, from the Trustee Collection Account to the Trustee Acquisition Account (and a corresponding adjustment shall be made to the Undivided Principal Collections Ledger);
(iv) the relevant amount of Principal Collections to the relevant Series Collection Account, as specified in or pursuant to the related Supplement for each Series;
(v) subject to Clause 5.2(e), an amount equal to the product of (1) the sum of the Floating Transferor Cash Available Percentages for Acquisition the Monthly Period in which the Date of Processing of such Finance Charge Collections falls and (2) the aggregate amount of Finance Charge Collections processed on such Date of Processing (the "TRANSFEROR FINANCE CHARGE AMOUNT") from the Trustee Collection Account to the Trustee Acquisition RBS Proceeds Account, RBSA Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account or as each Transferor Beneficiary may direct (and a corresponding adjustment shall be made to the Principal Finance Charge Collections Ledger)) whereupon such monies shall cease to be Trust Property and shall be owned by the relevant Transferor Beneficiary absolutely;
(vvi) on each Transfer Date an amount equal to the product of (1) the sum of the Transferor Floating Percentages for the Monthly Period preceding such Transfer Date and (2) the aggregate amount of Principal Collections allocated to the Investor Interests of any Series minus the Investor Cash Available for Acquisition of such Series (as referred to in (iii) above) to such account or accounts specified in or pursuant to the related Supplement for such Series;
(vi) the Transferor Finance Charge Amount and, on each Transfer Date, the Transferor Acquired Interchange Amount deposited by the Transferors and each Additional Transferor in the Trustee Collection Account (the "TRANSFEROR ACQUIRED INTERCHANGE AMOUNT") from the Trustee Collection Account to the Barclaycard RBS Proceeds Account, RBSA Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account or as each Transferor Beneficiary may direct (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger) whereupon such monies shall cease to be Trust Property and shall be owned by the Transferor Beneficiaries absolutely to the extent of their pro rata shares; and
(vii) on each Transfer subject to Clause 5.2(f), an amount equal to the product of (1) the sum of the Floating Investor Percentages in respect of all Outstanding Series for the Monthly Period in which the relevant Date or other date specified in a related Supplement with respect to a Series each of Processing of such Finance Charge Amount Collections falls and all Acquired Interchange allocable to (2) the aggregate amount of Finance Charge Collections processed on such Series Date of Processing (the "INVESTOR FINANCE CHARGE AMOUNT") from the Trustee Collection Account to such account the relevant Series Collection Account or accounts as each Investor Beneficiary may be specified direct in or pursuant relation to such related Supplement for such the amounts thereof referable to the Series in respect of which that relevant Investor Beneficiary is the Investor Beneficiary (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger) whereupon such monies shall cease to be Undivided Bare Trust Property;
(viii) on each Transfer Date an amount equal to (1) the sum of the Floating Investor Percentages in respect of all Outstanding Series for the Monthly Period preceding the Transfer Date and (2) the aggregate amount of Acquired Interchange deposited by the Transferors and each Additional Transferor in the Trustee Collection Account that month (the "INVESTOR ACQUIRED INTERCHANGE AMOUNT"), from the Trustee Collection Account to the relevant Series Collection Account or as each Investor Beneficiary may direct in relation to the amounts thereof referable to the Series in respect of which that relevant Investor Beneficiary is the Investor Beneficiary (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger) whereupon such monies shall cease to be Undivided Bare Trust Property. Amounts remaining in the Trustee Collection Account after the application of monies referred to above and in any Supplement shall either remain deposited in the Trustee Collection Account until such time as they are utilised on succeeding Business Days in accordance with this Deed and any Supplement or are invested in Permitted Investments in accordance with Clause 5.1(f5.1(g).
Appears in 1 contract
Samples: Receivables Trust Deed and Trust Cash Management Agreement (Arran Funding LTD)
APPLICATION OF MONIES IN THE TRUSTEE COLLECTION ACCOUNT. On the Relevant Date the Receivables Trustee shall, based on the Servicer Daily Report maintained by the Trust Cash Manager or, if applicable, any Co- Trust Cash Manager Servicer pursuant to Clause 9.5
(a9.5(a) with respect to the related Date of Processing, promptly following the transfer of monies from the Barclaycard Card Operating Account as referred to in Clause 5.2(a) on such Relevant Date, (1) identify amounts, if any, included in such transfer and (2) identify any other amounts in the Trustee Collection Account which did not derive from such transfer on such Relevant Date, in the case of (1) and (2) representing the following: - Incorrect Payments; - Principal Collections; - Unavailable Principal Collections; - Finance Charge CollectionsCollections and Acquired Interchange; and - Ineligible Collections (not distributed to the Transferor Beneficiaries Beneficiary pursuant to Clause 5.2(a)(ii) above); and - investment earnings accrued on the Trustee Collection Account, and apply such amounts on the Relevant Date, or in respect of the amounts set out in (vi) and (viii) below on the Transfer Date next following such Relevant Date, in accordance with this Clause 5. In particular, the Receivables Trustee shall instruct the Operating Bank to make the following transfers which shall have been calculated distributions (except for (vii) below) from the Trustee Collection Account, in a manner consistent with the principles set out in the First Schedule this Deed as modified by any Supplement:
(i) the amount of any Incorrect Payments notified to the Receivables Trustee which have not previously been allocated as Collections representing Trust Property Property, to the Barclaycard Operating Account or, if applicable, the relevant Additional Transferor Card Operating Account, whereupon such monies shall cease to be Trust Property and shall be owned by each the Transferor Beneficiary absolutely to the extent of its pro rata shareabsolutely;
(ii) the amount of Ineligible Collections notified to the Receivables Trustee which have not previously been allocated as Principal Collections Collections, to the Barclaycard Proceeds Account or, if applicable, the relevant Additional Transferor Card Proceeds Account, whereupon such monies shall cease to be Trust Property and shall be owned by each the Transferor Beneficiary absolutely to the extent of its pro rata shareabsolutely;
(iii) the aggregate relevant amount of Principal Collections distributable to an Investor Cash Available Beneficiary in respect of any Related Debt and/or Series shall be identified for Acquisition which is utilised such Related Debt and/or Series and either credited to the relevant ledger(s) established in respect of such Related Debt and/or Series or otherwise distributed, in each case as determined pursuant to provided in the related Supplement from for such Related Debt and/or Series;
(iv) subject to Clause 5.2(b)(ix) and subject to the Trustee Collection Account provisions of any Supplement which require any amounts to be retained in the Principal Collections Ledger (whether on account of Required Retained Principal Collections or otherwise), the amount of any Principal Collections remaining after the application of the amounts referred to in (i) to (iii) above (which shall constitute "CASH AVAILABLE FOR INVESTMENT"), to the Trustee Acquisition Investment Account (and a corresponding adjustment shall be made to the Principal Collections Ledger);
(iv) the Transferor Cash Available for Acquisition from Ledger in the Trustee Collection Account to the Trustee Acquisition Account (and a corresponding adjustment shall be made to the Principal Collections LedgerAccount);
(v) subject to Clause 5.2(f), an amount equal to the product of (1) the Floating Transferor Percentage for the Monthly Period in which such Finance Charge Collections arise and (2) the aggregate amount of Principal Finance Charge Collections allocated relating to the Investor Interests relevant Date of any Series minus Processing (the Investor Cash Available for Acquisition of such Series (as referred to in (iii) above"TRANSFEROR FINANCE CHARGE AMOUNT") to such account or accounts specified in or pursuant to the related Supplement for such Series;
(vi) the Transferor Finance Charge Amount and, on each Transfer Date, the Transferor Acquired Interchange Amount from the Trustee Collection Account to the Barclaycard Proceeds Account or, if applicable, the relevant Additional Transferor Card Proceeds Account or as each the Transferor Beneficiary may direct (and a corresponding adjustment shall be made to the Finance Charge Collections LedgerLedger in the Trustee Collection Account) whereupon such monies shall cease to be Trust Property and shall be owned by the Transferor Beneficiaries absolutely to the extent of their pro rata shares; andBeneficiary absolutely;
(viivi) on each Transfer Date or other date specified in a related Supplement with respect an amount equal to a Series each Finance Charge Amount the product of (1) the Floating Transferor Percentage for the Monthly Period preceding such Transfer Date and all (2) the aggregate amount of Acquired Interchange allocable to such Series from deposited by the Transferor in the Trustee Collection Account (the "TRANSFEROR ACQUIRED INTERCHANGE AMOUNT") to the Card Proceeds Account or as the Transferor Beneficiary may direct (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger in the Trustee Collections Account) whereupon such account or accounts as may monies shall cease to be specified Trust Property and shall be owned by the Transferor Beneficiary absolutely;
(vii) subject to Clause 5.2(f), in or pursuant respect of an Investor Beneficiary, amounts equal to the product of (1) the sum of the Floating Investor Percentages in respect of all Outstanding Issuance for the relevant Investor Beneficiary for the Monthly Period in which such Finance Charge Collections arise and (2) the aggregate amount of Finance Charge Collections relating to the relevant Date of Processing, (each an "INVESTOR FINANCE CHARGE AMOUNT") shall be retained in the Trustee Collection Account in accordance with the related Supplement Supplement(s) for such Related Debt and/or Series (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger)Ledger in the Trustee Collection Account) whereupon such monies shall cease to be Undivided Bare Trust Property.
(viii) On each Transfer Date, in respect of an Investor Beneficiary, an amount equal to the product of (1) the sum of the Floating Investor Percentages in respect of all Outstanding Issuance for the relevant Investor Beneficiary for the Monthly Period preceding the Transfer Date and (2) the aggregate amount of Acquired Interchange deposited by the Transferor in the Trustee Collection Account in respect of the relevant Monthly Period (the "INVESTOR ACQUIRED INTERCHANGE AMOUNT") from the Trustee Collection Account in accordance with the related Supplement for such Related Debt and/or Series (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger in the Trustee Collection Account) whereupon such monies shall cease to be Undivided Bare Trust Property.
(ix) if on any day, (A) the sum of the Combined Adjusted Investor Interests and the Transferor Interest is zero, and (B) a Principal Collection is received ("UNAVAILABLE PRINCIPAL COLLECTIONS") such amount shall remain credited to the undivided Principal Collections Ledger (held on the Undivided Bare Trust for the benefit of the Transferor Beneficiary as Unavailable Principal Collections) and Unavailable Principal Collections shall be transferred to the Transferor Beneficiary on any Business Day when, and only to the extent that, the Transferor Interest on such Business Day is greater than zero and until such time shall represent Unavailable Principal Collections held on the Undivided Bare Trust for the benefit of the Transferor Beneficiary as Unavailable Principal Collections. For the avoidance of doubt, following any identification of Principal Collections as Unavailable Principal Collections, such Unavailable Principal Collections shall in no circumstances be reallocated to any other Beneficiary. Amounts remaining in the Trustee Collection Account after the application of monies referred to above and in any Supplement shall either (1) remain deposited in the Trustee Collection Account until such time as they are utilised on succeeding Business Days in accordance with this Deed and any Supplement or are (2) be invested in Permitted Investments in accordance with Clause 5.1(f5.1(e).
Appears in 1 contract
Samples: Receivables Trust Deed and Servicing Agreement (Turquoise Receivables Trustee LTD)
APPLICATION OF MONIES IN THE TRUSTEE COLLECTION ACCOUNT. On the Relevant Date the Receivables Trustee shall, based on the Daily Report maintained by the Trust Cash Manager or, if applicable, any Co- Co-Trust Cash Manager pursuant to Clause 9.5
(a) with respect to the related Date of Processing, promptly following the transfer of monies from the Barclaycard Operating Account as referred to in Clause 5.2(a) on such Relevant Date, identify amounts, if any, included in such transfer representing the following: - -- Incorrect Payments; - -- Principal Collections; - -- Finance Charge Collections; and - -- Ineligible Collections (not distributed to the Transferor Beneficiaries pursuant to Clause 5.2(a)(ii) above), and apply such amounts on the Relevant Date in accordance with this Clause 5. In particular, the Receivables Trustee shall instruct the Operating Bank to make the following transfers which shall have been calculated in a manner consistent with the principles set out in the First Schedule as modified by any Supplement:
(i) the amount of any Incorrect Payments notified to the Receivables Trustee which have not previously been allocated as Collections representing Trust Property to the Barclaycard Operating Account or, if applicable, the relevant Additional Transferor Operating Account, whereupon such monies shall cease to be Trust Property and shall be owned by each Transferor Beneficiary absolutely to the extent of its pro rata share;
(ii) the amount of Ineligible Collections notified to the Receivables Trustee which have not previously been allocated as Principal Collections to the Barclaycard Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account, whereupon such monies shall cease to be Trust Property and shall be owned by each Transferor Beneficiary absolutely to the extent of its pro rata share;
(iii) the aggregate amount of Investor Cash Available for Acquisition which is utilised as determined pursuant to the related Supplement from the Trustee Collection Account to the Trustee Acquisition Account (and a corresponding adjustment shall be made to the Principal Collections Ledger);
(iv) the Transferor Cash Available for Acquisition from the Trustee Collection Account to the Trustee Acquisition Account (and a corresponding adjustment shall be made to the Principal Collections Ledger);
(v) the aggregate amount of Principal Collections allocated to the Investor Interests of any Series minus the Investor Cash Available for Acquisition of such Series (as referred to in (iii) above) to such account or accounts specified in or pursuant to the related Supplement for such Series;
(vi) the Transferor Finance Charge Amount and, on each Transfer Date, the Transferor Acquired Interchange Amount from the Trustee Collection Account to the Barclaycard Proceeds Account or, if applicable, the relevant Additional Transferor Proceeds Account or as each Transferor Beneficiary may direct (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger) whereupon such monies shall cease to be Trust Property and shall be owned by the Transferor Beneficiaries absolutely to the extent of their pro rata shares; and
(vii) on each Transfer Date or other date specified in a related Supplement with respect to a Series each Finance Charge Amount and all Acquired Interchange allocable to such Series from the Trustee Collection Account to such account or accounts as may be specified in or pursuant to such related Supplement for such Series (and a corresponding adjustment shall be made to the Finance Charge Collections Ledger). Amounts remaining in the Trustee Collection Account after the application of monies referred to above and in any Supplement shall either remain deposited in the Trustee Collection Account until such time as they are utilised on succeeding Business Days in accordance with this Deed and any Supplement or are invested in Permitted Investments in accordance with Clause 5.1(f).
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Samples: Trust and Cash Management Agreement (Gracechurch Receivables Trustee LTD)
