Common use of Class A Interest Clause in Contracts

Class A Interest. On each Business Day during a Monthly Period, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account and deposit into the Interest Funding Account for distribution on the next Distribution Date to the Class A Certificateholders, to the extent of the Series Available Interest Collections for such Business Day, an amount equal to the lesser of (x) the Series Available Interest Collections and (y) the excess of (1) the sum of Class A Monthly Interest and Carryover Class A Interest over (2) any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. Notwithstanding anything to the contrary herein, the portion of Carryover Class A Interest that constitutes Class A Additional Interest shall be payable or distributable to Class A Certificateholders only to the extent permitted by applicable law.

Appears in 9 contracts

Samples: Pooling and Servicing Agreement (Greentree Floorplan Funding Corp), Pooling and Servicing Agreement (Green Tree Floorplan Recievables Master Trust), Pooling and Servicing Agreement (Green Tree Financial Corp)

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Class A Interest. On each Business Day during a Monthly Period, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account and deposit into the Interest Funding Account for distribution on the next Distribution Date to the Class A Certificateholders, to the extent of the Series Available Interest Collections for such Business Day, an amount equal to the lesser of (x) the x)the Series Available Interest Collections and (y) the y)the excess of (1) the 1)the sum of Class A Monthly Interest and Carryover Class A Interest over OVER (2) any 2)any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. Notwithstanding anything to the contrary herein, the portion of Carryover Class A Interest that constitutes Class A Additional Interest shall be payable or distributable to Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Green Tree Floorplan Recievables Master Trust), Pooling and Servicing Agreement (Green Tree Floorplan Recievables Master Trust)

Class A Interest. On each Business Day during a Monthly ---------------- Period, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account and deposit into the Interest Funding Account for distribution on the next Distribution Date to the Class A Certificateholders, to the extent of the Series Available Interest Collections for such Business Day, an amount equal to the lesser of (x) the Series Available Interest Collections and (y) the excess of (1) the sum of Class A Monthly Interest and Carryover Class A Interest over (2) ---- any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. Notwithstanding anything to the contrary herein, the portion of Carryover Class A Interest that constitutes Class A Additional Interest shall be payable or distributable to Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Greentree Floorplan Funding Corp), Pooling and Servicing Agreement (Greentree Floorplan Funding Corp)

Class A Interest. On each Business Day during a Monthly Period, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account and deposit into the Interest Funding Account for distribution on the next Distribution Date to the Class A Certificateholders, to the extent of the Available Series Available Interest 1997-2 Finance Charge Collections for such Business Day, an amount equal to the lesser of (x) the Available Series Available Interest 1997-2 Finance Charge Collections and (y) the excess of (1) the sum of Class A Monthly Interest and Carryover Class A Interest over OVER (2) any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. Notwithstanding anything to the contrary herein, the portion of Carryover Class A Interest that constitutes Class A Additional Interest shall be payable or distributable to Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Metris Receivables Inc)

Class A Interest. On each Business Day during a Monthly Period, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account and deposit into the Interest Funding Account for distribution dis- tribution on the next Distribution Date to the Class A Certificateholders, to the extent of the Available Series Available Interest 1997-1 Finance Charge Collections for such Business Day, an amount equal to the lesser of (x) the Available Series Available Interest Collections 1997-1 Finance Charge Collect- ions and (y) the excess of (1) the sum of Class A Monthly Interest and Carryover Class A Interest over (2) any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. Notwithstanding Notwith- standing anything to the contrary herein, the portion por- tion of Carryover Class A Interest that constitutes Class A Additional Interest shall be payable or distributable dis- tributable to Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Metris Master Trust)

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Class A Interest. On each Business Day during a Monthly Period, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account and deposit into the Interest Funding Account for distribution on the next Distribution Date to the Class A Certificateholders, to the extent of the Available Series Available 1995-1 Interest Collections for such Business Day, an amount equal to the lesser of (x) the Available Series Available 1995-1 Interest Collections and (y) the excess of (1) the sum of Class A Monthly Interest and Carryover Class A Interest over (2) any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. Notwithstanding anything to the contrary herein, the portion of Carryover Class A Interest that constitutes Class A Additional Interest shall be payable or distributable to Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Class A Interest. On each Business Day during a Monthly Period, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account and deposit into the Interest Funding Account for distribution on the next Distribution Date to the Class A Certificateholders, to the extent of the Available Series Available Interest 1997-2 Finance Charge Collections for such Business Day, an amount equal to the lesser of (x) the Available Series Available Interest Collections 1997-2 Finance Charge Collec- tions and (y) the excess of (1) the sum of Class A Monthly Interest and Carryover Class A Interest over (2) any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. Notwithstanding anything to the contrary herein, the portion of Carryover Class A Interest that constitutes Class A Additional Interest shall be payable or distributable to Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Metris Receivables Inc)

Class A Interest. On each Business Day during a Monthly Period, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account and deposit into the Interest Funding Account for distribution on the next Distribution Date to the Class A Certificateholders, to the extent of the Available Series Available Interest 1997-1 Finance Charge Collections for such Business Day, an amount equal to the lesser of (x) the Available Series Available Interest 1997-1 Finance Charge Collections and (y) the excess of (1) the sum of Class A Monthly Interest and Carryover Class A Interest over (2) any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. Notwithstanding anything to the contrary herein, the portion of Carryover Class A Interest that constitutes Class A Additional Interest shall be payable or distributable to Class A Certificateholders only to the extent permitted by applicable law.. (ii)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Metris Companies Inc)

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