Common use of Coverage of Required Amount Clause in Contracts

Coverage of Required Amount. for the Class A ------------------------------------------- Certificates. (a) On each Determination Date, the Servicer shall determine the ------------ amount (the "Class A Required Amount"), if any, by which the sum of (i) Class A Monthly Interest for the related Distribution Date payable with respect to the Class A Invested Amount, (ii) any Class A Monthly Interest previously due but not paid to the Class A Certificateholders, (iii) any Class A Additional Interest, (iv) the Class A Investor Default Amount, if any, for such Distribution Date and (v) to the extent payable to a Successor Servicer that is not an Affiliate of the Seller, the Monthly Servicing Fee (the sum of (i) through (v), the "Class A Covered Amount") exceeds the sum of (x) Class A Available Funds for such Distribution Date which are available to pay (i) through (v) (after taking into consideration the pro rata portion of the Monthly Servicing Fee payable in accordance with the first proviso to subsection 4.07(a) of the Agreement), (y) Excess Spread available pursuant to Section 4.09 of the Agreement and (z) Excess Finance Charge Collections allocable to the Series 1998-V Certificates pursuant to subsection 4.04(c) of the Agreement (up to the Shortfall Amount). In the event that the Class A Required Amount is greater than zero, the Servicer shall give written notice to the Trustee of such positive Class A Required Amount, specifying therein the amount to be withdrawn pursuant to this subsection 4.06(a), on or after the Determination Date but in no event later than three Business Days prior to such Distribution Date. On the Transfer Date, the Trustee (or the Servicer on the Trustee's behalf) shall withdraw the Withdrawal Amount from the Cash Collateral Account and immediately deposit such amount into the Collection Account. In the event that the Class A Required Amount exceeds the Available Cash Collateral Amount with respect to such Distribution Date, Reallocated Principal Collections with respect to such Distribution Date in an amount equal to such excess shall be distributed from the Collection Account on such Distribution Date pursuant to Section 4.10. (b) If the Servicer fails to make any payment or deposit (other than as required by Sections 2.07, 7.04, 8.04, 9.02 (upon receipt of sale proceeds thereunder) and 10.01 of the Agreement) required to be made by the Servicer at the time specified in the Agreement (including applicable grace periods), the Trustee, without instruction from the Servicer, shall make such payment or deposit from the Collection Account. If the Servicer fails to give the notice of a positive Class A Required Amount required to be given by the Servicer pursuant to subsection 4.06(a) of the Agreement, the Trustee shall make a withdrawal from the Cash Collateral Account in accordance with the certificate delivered pursuant to subsection 3.04(b) of the Agreement without instruction from the Servicer. In the event that the Servicer fails to deliver the certificate required by subsection 3.04(b) of the Agreement, no withdrawal from the Cash Collateral Account shall be made; provided, however, that if the Trustee, in its sole -------- ------- discretion, is able to determine and confirm the amount of interest payable pursuant to subsection 4.07(a)(i) of the Agreement, the Trustee shall, if necessary after application of the funds in the Collection Account, make a withdrawal from the Cash Collateral Account in the amount of the interest shortfall. The Servicer shall, upon request of the Trustee, promptly provide the Trustee with all information necessary to allow the Trustee to comply with the provisions of this subsection 4.06(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (FCC National Bank)

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Coverage of Required Amount. for the Class A ------------------------------------------- Certificates. (a) On each Determination Date, the Servicer shall determine the ------------ amount (the "Class A Required Amount"), if any, by which the sum of (i) Class A Monthly Interest for the related Distribution Date payable with respect to the Class A Invested Amount, (ii) any Class A Monthly Interest previously due but not paid to the Class A Certificateholders, (iii) any Class A Additional Interest, (iv) the Class A Investor Default Amount, if any, for such Distribution Date and (v) to the extent payable to a Successor Servicer that is not an Affiliate of the Seller, the Monthly Servicing Fee (the sum of (i) through (v), the "Class A Covered Amount") exceeds the sum of (x) Class A Available Funds for such Distribution Date which are available to pay (i) through (v) (after taking into consideration the pro rata portion of the Monthly Servicing Fee payable in accordance with the first proviso to subsection 4.07(a) of the Agreement), (y) Excess Spread available pursuant to Section 4.09 of the Agreement and (z) Excess Finance Charge Collections allocable to the Series 1998-V Certificates pursuant to subsection 4.04(c) of the Agreement (up to the Shortfall Amount). In the event that the Class A Required Amount is greater than zero, the Servicer shall give written notice to the Trustee of such positive Class A Required Amount, specifying therein the amount to be withdrawn pursuant to this subsection 4.06(a), on or after the Determination Date but in no event later than three Business Days prior to such Distribution Date. On the Transfer Date, the Trustee (or the Servicer on the Trustee's behalf) shall withdraw the Withdrawal Amount from the Cash Collateral Account and immediately deposit such amount into the Collection Account. In the event that the Class A Required Amount exceeds the Available Cash Collateral Amount with respect to such Distribution Date, Reallocated Principal Collections with respect to such Distribution Date in an amount equal to such excess shall be distributed from the Collection Account on such Distribution Date pursuant to Section 4.10. (b) If the Servicer fails to make any payment or deposit (other than as required by Sections 2.07, 7.04, 8.04, 9.02 (upon receipt of sale proceeds thereunder) and 10.01 of the Agreement) required to be made by the Servicer at the time specified in the Agreement (including applicable grace periods), the Trustee, without instruction from the Servicer, shall make such payment or deposit from the Collection Account. If the Servicer fails to give the notice of a positive Class A Required Amount required to be given by the Servicer pursuant to subsection 4.06(a) of the Agreement, the Trustee shall make a withdrawal from the Cash Collateral Account in accordance with the certificate delivered pursuant to subsection 3.04(b) of the Agreement without instruction from the Servicer. In the event that the Servicer fails to deliver the certificate required by subsection 3.04(b) of the Agreement, no withdrawal from the Cash Collateral Account shall be made; provided, however, that if the Trustee, in its sole -------- ------- discretion, is able to determine and confirm the amount of interest payable pursuant to subsection 4.07(a)(i) of the Agreement, the Trustee shall, if necessary after application of the funds in the Collection Account, make a withdrawal from the Cash Collateral Account in the amount of the interest shortfall. The Servicer shall, upon request of the Trustee, promptly provide the Trustee with all information necessary to allow the Trustee to comply with the provisions of this subsection 4.06(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (FCC National Bank)

Coverage of Required Amount. for the Class A ------------------------------------------- CertificatesSeries 1999-2 Securities. (a) On each Determination DateTo the extent that any amounts are on deposit in the Excess Funding Account or Pre-Funding Account on any Business Day, the Servicer shall determine apply, in the ------------ manner specified for application of Available Series 1999-2 Finance Charge Collections in subsections 4.9(a)(i) through (xi) of the Agreement, Transferor Finance Charge Collections in an amount (the "Class A Required Amount"), if any, by which equal to the sum of (i) Class A Monthly Interest for the related Distribution Date payable with respect to the Class A Invested Amount, (ii) any Class A Monthly Interest previously due but not paid to the Class A Certificateholders, (iii) any Class A Additional Interest, (iv) the Class A Investor Default Amount, if any, for such Distribution Date and (v) to the extent payable to a Successor Servicer that is not an Affiliate of the Seller, the Monthly Servicing Fee (the sum of (i) through (v), the "Class A Covered Amount") exceeds the sum excess of (x) Class A Available Funds for the product of (a) the Base Rate, (b) the amounts on deposit in the Excess Funding Account and the Pre-Funding Account and (c) the number of days elapsed since the previous Business Day divided by the actual number of days in such Distribution Date year over (y) the aggregate amount of all earnings since the previous Business Day available from the Cash Equivalents in which funds on deposit in the Excess Funding Account and the Pre-Funding Account are available invested (the "Negative Carry Amount") and (ii) the amount of unreimbursed claims on the Policy that have not been deposited in the Interest Funding Account pursuant to pay subsection 4.9(a)(vii) of the Agreement prior to such Business Day. (ib) To the extent that on any Business Day payments are being made pursuant to any of subsections 4.9(a)(i) through (v) (after taking into consideration the pro rata portion of the Monthly Servicing Fee payable in accordance with the first proviso to subsection 4.07(axi) of the Agreement), (y) Excess Spread available respectively, and the full amount to be paid pursuant to Section 4.09 any such subsection receiving payments on such Business Day is not paid in full on such Business Day, the Servicer shall apply, in the manner specified for application of Available Series 1999-2 Finance Charge Collections in subsections 4.9(a)(i) through (xi) of the Agreement, all or a portion of the Excess Finance Charge Collections from other Series with respect to such Business Day allocable to the Series 1999-2 Securities in an amount equal to the excess of the full amount to be allocated or paid pursuant to the applicable subsection over the amount applied with respect thereto from Available Series 1999-2 Finance Charge Collections and Transferor Finance Charge Collections on such Business Day (the "Required Amount"). To the extent that on any Business Day on and after the day on which the Invested Amount is paid in full but prior to the Series 1999-2 Termination Date there are unreimbursed claims on the Policy, the Servicer shall apply, in the manner specified for application of Available Series 1999-2 Finance Charge Collections in subsection 4.9(a)(vii) of the Agreement and all or a portion of the Excess Finance Charge Collections from other Series with respect to such Business Day allocable to the Series 1999-2 Securities in an amount equal to the excess of the full amount to be allocated or paid pursuant to the applicable subsection over the amount applied with respect thereto from Transferor Finance Charge Collections on such Business Day (zthe "Reimbursement Required Amount"). Excess Finance Charge Collections allocated to the Series 1999-2 Securities for any Business Day shall mean an amount equal to the product of (x) Excess Finance Charge Collections allocable to available from all other Series for such Business Day and (y) a fraction, the Series 1998-V Certificates pursuant to subsection 4.04(c) numerator of which is the Agreement (up to the Shortfall Amount). In the event that the Class A Required Amount is greater than zero, the Servicer shall give written notice to the Trustee of such positive Class A or Reimbursement Required Amount, specifying therein as applicable, for such Business Day and the denominator of which is the aggregate amount of shortfalls in required amounts or other amounts to be withdrawn pursuant to this subsection 4.06(a), on or after the Determination Date but in no event later than three paid from Finance Charge Collections for all Series for such Business Days prior to such Distribution Date. On the Transfer Date, the Trustee (or the Servicer on the Trustee's behalf) shall withdraw the Withdrawal Amount from the Cash Collateral Account and immediately deposit such amount into the Collection Account. In the event that the Class A Required Amount exceeds the Available Cash Collateral Amount with respect to such Distribution Date, Reallocated Principal Collections with respect to such Distribution Date in an amount equal to such excess shall be distributed from the Collection Account on such Distribution Date pursuant to Section 4.10Day. (b) If the Servicer fails to make any payment or deposit (other than as required by Sections 2.07, 7.04, 8.04, 9.02 (upon receipt of sale proceeds thereunder) and 10.01 of the Agreement) required to be made by the Servicer at the time specified in the Agreement (including applicable grace periods), the Trustee, without instruction from the Servicer, shall make such payment or deposit from the Collection Account. If the Servicer fails to give the notice of a positive Class A Required Amount required to be given by the Servicer pursuant to subsection 4.06(a) of the Agreement, the Trustee shall make a withdrawal from the Cash Collateral Account in accordance with the certificate delivered pursuant to subsection 3.04(b) of the Agreement without instruction from the Servicer. In the event that the Servicer fails to deliver the certificate required by subsection 3.04(b) of the Agreement, no withdrawal from the Cash Collateral Account shall be made; provided, however, that if the Trustee, in its sole -------- ------- discretion, is able to determine and confirm the amount of interest payable pursuant to subsection 4.07(a)(i) of the Agreement, the Trustee shall, if necessary after application of the funds in the Collection Account, make a withdrawal from the Cash Collateral Account in the amount of the interest shortfall. The Servicer shall, upon request of the Trustee, promptly provide the Trustee with all information necessary to allow the Trustee to comply with the provisions of this subsection 4.06(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Metris Receivables Inc)

Coverage of Required Amount. for the Class A ------------------------------------------- Certificates. (a) On each Determination Date, the Servicer shall determine the ------------ amount (the "Class A Required Amount"), if any, by which the sum of (i) Class A Monthly Interest for the related Distribution Date payable with respect to the Class A Invested Amount, (ii) any Class A Monthly Interest previously due but not paid to the Class A Certificateholders, (iii) any Class A Additional Interest, (iv) the Class A Investor Default Amount, if any, for such Distribution Date and (v) to the extent payable to a Successor Servicer that is not an Affiliate of the Seller, the Monthly Servicing Fee (the sum of (i) through (v), the "Class A Covered Amount") exceeds the sum of (x) Class A Available Funds for such Distribution Date which are available to pay (i) through (v) (after taking into consideration the pro rata portion of the Monthly Servicing Fee payable in accordance with the first proviso to subsection 4.07(a) of the Agreement), (y) Excess Spread available pursuant to Section 4.09 of the Agreement and (z) Excess Finance Charge Collections allocable to the Series 19981999-V X Certificates pursuant to subsection 4.04(c) of the Agreement (up to the Shortfall Amount). In the event that the Class A Required Amount is greater than zero, the Servicer shall give written notice to the Trustee of such positive Class A Required Amount, specifying therein the amount to be withdrawn pursuant to this subsection 4.06(a), on or after the Determination Date but in no event later than three Business Days prior to such Distribution Date. On the Transfer Date, the Trustee (or the Servicer on the Trustee's behalf) shall withdraw the Withdrawal Amount from the Cash Collateral Account and immediately deposit such amount into the Collection Account. In the event that the Class A Required Amount exceeds the Available Cash Collateral Amount with respect to such Distribution Date, Reallocated Principal Collections with respect to such Distribution Date in an amount equal to such excess shall be distributed from the Collection Account on such Distribution Date pursuant to Section 4.10. (b) If the Servicer fails to make any payment or deposit (other than as required by Sections 2.07, 7.04, 8.04, 9.02 (upon receipt of sale proceeds thereunder) and 10.01 of the Agreement) required to be made by the Servicer at the time specified in the Agreement (including applicable grace periods), the Trustee, without instruction from the Servicer, shall make such payment or deposit from the Collection Account. If the Servicer fails to give the notice of a positive Class A Required Amount required to be given by the Servicer pursuant to subsection 4.06(a) of the Agreement, the Trustee shall make a withdrawal from the Cash Collateral Account in accordance with the certificate delivered pursuant to subsection 3.04(b) of the Agreement without instruction instruc- tion from the Servicer. In the event that the Servicer fails to deliver the certificate required by subsection 3.04(b) of the Agreement, no withdrawal from the Cash Collateral Account shall be made; provided, however, that if the -------- ------- Trustee, in its sole -------- ------- discretion, is able to determine and confirm the amount of interest payable pursuant to subsection 4.07(a)(i) of the Agreement, the Trustee shall, if necessary after application of the funds in the Collection Account, make a withdrawal from the Cash Collateral Account in the amount of the interest shortfall. The Servicer shall, upon request of the Trustee, promptly provide the Trustee with all information necessary to allow the Trustee to comply with the provisions of this subsection 4.06(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Chicago Master Trust Ii)

Coverage of Required Amount. for the Class A ------------------------------------------- Series 1995-1 ------------------------------------------------- Certificates.. ------------ (a) On each Determination DateTo the extent that any amounts are on deposit in the Excess Funding Account on any Business Day, the Servicer shall determine the ------------ apply Transferor Interest Collections in an amount (the "Class A Required Amount"), if any, by which equal to the sum of (i) Class A Monthly Interest for the related Distribution Date payable with respect to Negative Carry Amount and the Class A Invested Amount, (ii) any Class A Monthly Interest previously due but not paid to the Class A Certificateholders, (iii) any Class A Additional Interest, (iv) the Class A Investor Default AmountPrincipal Funding Investment Shortfall, if any, for such Distribution Date Business Day and (v) any prior Business Day in respect of which such amounts have not been covered pursuant to this sentence in the extent payable to a Successor Servicer that is not an Affiliate manner specified for application of the Seller, the Monthly Servicing Fee (the sum of (iSeries Available Interest Collections in subsections 4.9(a)(i) through (vxi), . (b) To the "Class A Covered Amount") exceeds the sum extent that on any Business Day payments are being made pursuant to any of (x) Class A Available Funds for such Distribution Date which are available to pay (isubsections 4.9(a)(i) through (v) (after taking into consideration xi), respectively, and the pro rata full amount to be paid pursuant to any such subsection receiving payments on such Business Day is not paid in full on such Business Day, the Servicer shall apply all or a portion of the Monthly Servicing Fee payable in accordance Excess Interest Collections from other Series with the first proviso respect to subsection 4.07(a) of the Agreement), (y) Excess Spread available pursuant to Section 4.09 of the Agreement and (z) Excess Finance Charge Collections such Business Day allocable to the Series 19981995-V 1 Certificates pursuant to subsection 4.04(c) of the Agreement (up to the Shortfall Amount). In the event that the Class A Required Amount is greater than zero, the Servicer shall give written notice to the Trustee of such positive Class A Required Amount, specifying therein the amount to be withdrawn pursuant to this subsection 4.06(a), on or after the Determination Date but in no event later than three Business Days prior to such Distribution Date. On the Transfer Date, the Trustee (or the Servicer on the Trustee's behalf) shall withdraw the Withdrawal Amount from the Cash Collateral Account and immediately deposit such amount into the Collection Account. In the event that the Class A Required Amount exceeds the Available Cash Collateral Amount with respect to such Distribution Date, Reallocated Principal Collections with respect to such Distribution Date in an amount equal to such the excess shall of the full amount to be distributed from the Collection Account on such Distribution Date allocated or paid pursuant to Section 4.10. the applicable subsection over the amount applied with respect thereto from Available Series 1995-1 Interest Collections and Transferor Interest Collections (b) If the Servicer fails to make any payment or deposit (other than as required by Sections 2.07, 7.04, 8.04, 9.02 (upon receipt of sale proceeds thereunder) and 10.01 of the Agreement) required to be made by the Servicer at the time specified in the Agreement (including applicable grace periods), the Trustee, without instruction from the Servicer, shall make such payment or deposit from the Collection Account. If the Servicer fails to give the notice of a positive Class A Required Amount required to be given by the Servicer pursuant to subsection 4.06(a4.10(a)) on such Business Day (the "Required Amount"). Excess Interest Collections allocated to the Series 1995-1 Certificates for any Business Day shall mean an amount equal to the product of (x) Excess Interest Collections available from all other Series for such Business Day for the Agreementprior Monthly Period and (y) a fraction, the Trustee shall make a withdrawal from numerator of which is the Cash Collateral Account in accordance with Required Amount for such Business Day and the certificate delivered pursuant to subsection 3.04(b) denominator of which is the Agreement without instruction from the Servicer. In the event that the Servicer fails to deliver the certificate required by subsection 3.04(b) of the Agreement, no withdrawal from the Cash Collateral Account shall be made; provided, however, that if the Trustee, in its sole -------- ------- discretion, is able to determine and confirm the aggregate amount of interest payable pursuant shortfalls in required amounts or other amounts to subsection 4.07(a)(i) of the Agreement, the Trustee shall, if necessary after application of the funds in the Collection Account, make a withdrawal be paid from the Cash Collateral Account in the amount of the interest shortfall. The Servicer shall, upon request of the Trustee, promptly provide the Trustee with Interest Collections for all information necessary to allow the Trustee to comply with the provisions of this subsection 4.06(b)Series for such Business Day.

Appears in 1 contract

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

Coverage of Required Amount. for the Class A ------------------------------------------- CertificatesSeries 2004-1 Securities. (a) On each Determination DateTo the extent that any amounts are on deposit in the Excess Funding Account on any Business Day, the Servicer shall determine apply, in the ------------ manner specified for application of Available Series 2004-1 Finance Charge Collections in subsections 4.9(a)(i) through (xii) of the Agreement, Transferor Finance Charge Collections in an amount (the "Class A Required Amount"), if any, by which equal to the sum of (i) Class A Monthly Interest for the related Distribution Date payable with respect to the Class A Invested Amount, (ii) any Class A Monthly Interest previously due but not paid to the Class A Certificateholders, (iii) any Class A Additional Interest, (iv) the Class A Investor Default Amount, if any, for such Distribution Date and (v) to the extent payable to a Successor Servicer that is not an Affiliate of the Seller, the Monthly Servicing Fee (the sum of (i) through (v), the "Class A Covered Amount") exceeds the sum excess of (x) Class A Available Funds for the product of (a) the Base Rate, (b) the amounts on deposit in the Excess Funding Account and (c) the number of days elapsed since the previous Business Day divided by the actual number of days in such Distribution Date year over (y) the aggregate amount of all earnings since the previous Business Day available from the Cash Equivalents in which funds on deposit in the Excess Funding Account are available invested and (ii) the amount of unreimbursed claims on the Policy that have not been deposited in the Interest Funding Account pursuant to pay subsection 4.9(a)(vii) of the Agreement prior to such Business Day. (ib) To the extent that on any Business Day payments are being made pursuant to any of subsections 4.9(a)(i) through (v) (after taking into consideration the pro rata portion of the Monthly Servicing Fee payable in accordance with the first proviso to subsection 4.07(axii) of the Agreement), (y) Excess Spread available respectively, and the full amount to be paid pursuant to Section 4.09 any such subsection receiving payments on such Business Day is not paid in full on such Business Day, the Servicer shall apply, in the manner specified for application of Available Series 2004-1 Finance Charge Collections in subsections 4.9(a)(i) through (xii) (but not subsection 4.9(a)(ix) with respect to any Business Day prior to the first Business Day on which the amount on deposit in the Spread Account equals or exceeds the Ratings Target Percentage, and not subsection 4.9(a)(x)) of the Agreement, all or a portion of the Excess Finance Charge Collections from other Series with respect to such Business Day allocable to the Series 2004-1 Securities in an amount equal to the excess of the full amount to be allocated or paid pursuant to the applicable subsection (excluding subsection 4.9(a)(ix) with respect to any Business Day prior to the first Business Day on which the amount on deposit in the Spread Account equals or exceeds the Ratings Target Percentage, and excluding subsection 4.9(a)(x)) over the amount applied with respect thereto from Available Series 2004-1 Finance Charge Collections and Transferor Finance Charge Collections on such Business Day (the "Required Amount"). To the extent that on any Business Day on and after the day on which the Invested Amount is paid in full but prior to the Series 2004-1 Termination Date there are unreimbursed claims on the Policy, the Servicer shall apply, in the manner specified for application of Available Series 2004-1 Finance Charge Collections in subsection 4.9(a)(vii) of the Agreement and all or a portion of the Excess Finance Charge Collections from other Series with respect to such Business Day allocable to the Series 2004-1 Securities in an amount equal to the excess of the full amount to be allocated or paid pursuant to the applicable subsection over the amount applied with respect thereto from Transferor Finance Charge Collections on such Business Day (zthe "Reimbursement Required Amount"). Excess Finance Charge Collections allocated to the Series 2004-1 Securities for any Business Day shall mean an amount equal to the product of (x) Excess Finance Charge Collections allocable to available from all other Series for such Business Day and (y) a fraction, the Series 1998-V Certificates pursuant to subsection 4.04(c) numerator of which is the Agreement (up to the Shortfall Amount). In the event that the Class A Required Amount is greater than zero, the Servicer shall give written notice to the Trustee of such positive Class A or Reimbursement Required Amount, specifying therein as applicable, for such Business Day and the denominator of which is the aggregate amount of shortfalls in required amounts or other amounts to be withdrawn pursuant to this subsection 4.06(a), on or after the Determination Date but in no event later than three paid from Finance Charge Collections for all Series for such Business Days prior to such Distribution Date. On the Transfer Date, the Trustee (or the Servicer on the Trustee's behalf) shall withdraw the Withdrawal Amount from the Cash Collateral Account and immediately deposit such amount into the Collection Account. In the event that the Class A Required Amount exceeds the Available Cash Collateral Amount with respect to such Distribution Date, Reallocated Principal Collections with respect to such Distribution Date in an amount equal to such excess shall be distributed from the Collection Account on such Distribution Date pursuant to Section 4.10Day. (b) If the Servicer fails to make any payment or deposit (other than as required by Sections 2.07, 7.04, 8.04, 9.02 (upon receipt of sale proceeds thereunder) and 10.01 of the Agreement) required to be made by the Servicer at the time specified in the Agreement (including applicable grace periods), the Trustee, without instruction from the Servicer, shall make such payment or deposit from the Collection Account. If the Servicer fails to give the notice of a positive Class A Required Amount required to be given by the Servicer pursuant to subsection 4.06(a) of the Agreement, the Trustee shall make a withdrawal from the Cash Collateral Account in accordance with the certificate delivered pursuant to subsection 3.04(b) of the Agreement without instruction from the Servicer. In the event that the Servicer fails to deliver the certificate required by subsection 3.04(b) of the Agreement, no withdrawal from the Cash Collateral Account shall be made; provided, however, that if the Trustee, in its sole -------- ------- discretion, is able to determine and confirm the amount of interest payable pursuant to subsection 4.07(a)(i) of the Agreement, the Trustee shall, if necessary after application of the funds in the Collection Account, make a withdrawal from the Cash Collateral Account in the amount of the interest shortfall. The Servicer shall, upon request of the Trustee, promptly provide the Trustee with all information necessary to allow the Trustee to comply with the provisions of this subsection 4.06(b).

Appears in 1 contract

Samples: Series Supplement (Metris Master Trust)

Coverage of Required Amount. for the Class A ------------------------------------------- Series 1997-1 Certificates. (a) On each Determination DateTo the extent that any amounts are on deposit in the Excess Funding Account on any Business Day, the Servicer shall determine apply, in the ------------ amount (the "Class A Required Amount"), if any, by which the sum manner specified for application of (i) Class A Monthly Interest for the related Distribution Date payable with respect to the Class A Invested Amount, (ii) any Class A Monthly Interest previously due but not paid to the Class A Certificateholders, (iii) any Class A Additional Interest, (iv) the Class A Investor Default Amount, if any, for such Distribution Date and (v) to the extent payable to a Successor Servicer that is not an Affiliate of the Seller, the Monthly Servicing Fee (the sum of (iAvailable Series 1997-1 Imputed Yield Collections in subsections 4.9(a)(i) through (vix), the "Class A Covered Amount") exceeds the sum of (x) Class A Available Funds for such Distribution Date which are available to pay (i) through (v) (after taking into consideration the pro rata portion of the Monthly Servicing Fee payable in accordance with the first proviso to subsection 4.07(a) of the Agreement), (y) Excess Spread available pursuant to Section 4.09 of the Agreement and (z) Excess Finance Charge Transferor Imputed Yield Collections allocable to the Series 1998-V Certificates pursuant to subsection 4.04(c) of the Agreement (up to the Shortfall Amount). In the event that the Class A Required Amount is greater than zero, the Servicer shall give written notice to the Trustee of such positive Class A Required Amount, specifying therein the amount to be withdrawn pursuant to this subsection 4.06(a), on or after the Determination Date but in no event later than three Business Days prior to such Distribution Date. On the Transfer Date, the Trustee (or the Servicer on the Trustee's behalf) shall withdraw the Withdrawal Amount from the Cash Collateral Account and immediately deposit such amount into the Collection Account. In the event that the Class A Required Amount exceeds the Available Cash Collateral Amount with respect to such Distribution Date, Reallocated Principal Collections with respect to such Distribution Date in an amount equal to the excess of (x) the product of (a) the Base Rate, (b) the amounts on deposit in the Excess Funding Account and (c) the number of days elapsed since the previous Business Day divided by the actual number of days in such excess shall be distributed year over (y) the aggregate amount of all earnings since the previous Business Day available from the Collection Cash Equivalents in which funds on deposit in the Excess Funding Account on such Distribution Date pursuant to Section 4.10are invested (the "Negative Carry Amount"). (b) If To the extent that on any Business Day payments are being made pursuant to any of subsections 4.9(a)(i) through (ix), respectively, and the full amount to be paid pursuant to any such subsection receiving payments on such Business Day is not paid in full on such Business Day, the Servicer fails to make any payment shall apply, in the manner specified for application of Available Series 1997-1 Imputed Yield Collections in subsections 4.9(a)(i) through (ix), all or deposit (other than as required by Sections 2.07, 7.04, 8.04, 9.02 (upon receipt of sale proceeds thereunder) and 10.01 a portion of the Agreement) required Excess Imputed Yield Collections from other Series with respect to such Business Day allocable to the Series 1997-1 Certificates in an amount equal to the excess of the full amount to be made by allocated or paid pursuant to the Servicer at applicable subsection over the time specified in amount applied with respect thereto from Available Series 1997-1 Imputed Yield Collections and Transferor Imputed Yield Collections on such Business Day (the Agreement "Required Amount"). Excess Imputed Yield Collections allocated to the Series 1997-1 Certificates for any Business Day shall mean an amount equal to the product of (including applicable grace periods)x) Excess Imputed Yield Collections available from all other Series for such Business Day and (y) a fraction, the Trustee, without instruction from numerator of which is the Servicer, shall make such payment or deposit from the Collection Account. If the Servicer fails to give the notice of a positive Class A Required Amount for such Business Day and the denominator of which is the aggregate amount of shortfalls in required amounts or other amounts to be given by the Servicer pursuant to subsection 4.06(a) of the Agreement, the Trustee shall make a withdrawal paid from the Cash Collateral Account in accordance with the certificate delivered pursuant to subsection 3.04(b) of the Agreement without instruction from the Servicer. In the event that the Servicer fails to deliver the certificate required by subsection 3.04(b) of the Agreement, no withdrawal from the Cash Collateral Account shall be made; provided, however, that if the Trustee, in its sole -------- ------- discretion, is able to determine and confirm the amount of interest payable pursuant to subsection 4.07(a)(i) of the Agreement, the Trustee shall, if necessary after application of the funds in the Collection Account, make a withdrawal from the Cash Collateral Account in the amount of the interest shortfall. The Servicer shall, upon request of the Trustee, promptly provide the Trustee with Imputed Yield Collections for all information necessary to allow the Trustee to comply with the provisions of this subsection 4.06(b)Series for such Business Day.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fingerhut Companies Inc)

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Coverage of Required Amount. for the Class A ------------------------------------------- Series 1997-1 Certificates. (a) On each Determination DateTo the extent that any amounts are on deposit in the Excess Funding Account on any Business Day, the Servicer shall determine apply, in the ------------ amount (the "Class A Required Amount"), if any, by which the sum manner specified for application of (i) Class A Monthly Interest for the related Distribution Date payable with respect to the Class A Invested Amount, (ii) any Class A Monthly Interest previously due but not paid to the Class A Certificateholders, (iii) any Class A Additional Interest, (iv) the Class A Investor Default Amount, if any, for such Distribution Date and (v) to the extent payable to a Successor Servicer that is not an Affiliate of the Seller, the Monthly Servicing Fee (the sum of (iAvailable Series 1997-1 Imputed Yield Collections in subsections 4.9(a)(i) through (vx), the "Class A Covered Amount") exceeds the sum of (x) Class A Available Funds for such Distribution Date which are available to pay (i) through (v) (after taking into consideration the pro rata portion of the Monthly Servicing Fee payable in accordance with the first proviso to subsection 4.07(a) of the Agreement), (y) Excess Spread available pursuant to Section 4.09 of the Agreement and (z) Excess Finance Charge Transferor Imputed Yield Collections allocable to the Series 1998-V Certificates pursuant to subsection 4.04(c) of the Agreement (up to the Shortfall Amount). In the event that the Class A Required Amount is greater than zero, the Servicer shall give written notice to the Trustee of such positive Class A Required Amount, specifying therein the amount to be withdrawn pursuant to this subsection 4.06(a), on or after the Determination Date but in no event later than three Business Days prior to such Distribution Date. On the Transfer Date, the Trustee (or the Servicer on the Trustee's behalf) shall withdraw the Withdrawal Amount from the Cash Collateral Account and immediately deposit such amount into the Collection Account. In the event that the Class A Required Amount exceeds the Available Cash Collateral Amount with respect to such Distribution Date, Reallocated Principal Collections with respect to such Distribution Date in an amount equal to the excess of (x) the product of (a) the Base Rate, (b) the amounts on deposit in the Excess Funding Account and (c) the number of days elapsed since the previous Business Day divided by the actual number of days in such excess shall be distributed year over (y) the aggregate amount of all earnings since the previous Business Day available from the Collection Cash Equivalents in which funds on deposit in the Excess Funding Account on such Distribution Date pursuant to Section 4.10are invested (the "Negative Carry Amount"). (b) If To the extent that on any Business Day payments are being made pursuant to any of subsections 4.9(a)(i) through (x), respectively, and the full amount to be paid pursuant to any such subsection receiving payments on such Business Day is not paid in full on such Business Day, the Servicer fails to make any payment shall apply, in the manner specified for application of Available Series 1997-1 Imputed Yield Collections in subsections 4.9(a)(i) through (x), all or deposit (other than as required by Sections 2.07, 7.04, 8.04, 9.02 (upon receipt of sale proceeds thereunder) and 10.01 a portion of the Agreement) required Excess Imputed Yield Collections from other Series with respect to such Business Day allocable to the Series 1997-1 Certificates in an amount equal to the excess of the full amount to be made by allocated or paid pursuant to the Servicer at applicable subsection over the time specified in amount applied with respect thereto from Available Series 1997-1 Imputed Yield Collections and Transferor Imputed Yield Collections on such Business Day (the Agreement "Required Amount"). Excess Imputed Yield Collections allocated to the Series 1997-1 Certificates for any Business Day shall mean an amount equal to the product of (including applicable grace periods)x) Excess Imputed Yield Collections available from all other Series for such Business Day and (y) a fraction, the Trustee, without instruction from numerator of which is the Servicer, shall make such payment or deposit from the Collection Account. If the Servicer fails to give the notice of a positive Class A Required Amount for such Business Day and the denominator of which is the aggregate amount of shortfalls in required amounts or other amounts to be given by the Servicer pursuant to subsection 4.06(a) of the Agreement, the Trustee shall make a withdrawal paid from the Cash Collateral Account in accordance with the certificate delivered pursuant to subsection 3.04(b) of the Agreement without instruction from the Servicer. In the event that the Servicer fails to deliver the certificate required by subsection 3.04(b) of the Agreement, no withdrawal from the Cash Collateral Account shall be made; provided, however, that if the Trustee, in its sole -------- ------- discretion, is able to determine and confirm the amount of interest payable pursuant to subsection 4.07(a)(i) of the Agreement, the Trustee shall, if necessary after application of the funds in the Collection Account, make a withdrawal from the Cash Collateral Account in the amount of the interest shortfall. The Servicer shall, upon request of the Trustee, promptly provide the Trustee with Imputed Yield Collections for all information necessary to allow the Trustee to comply with the provisions of this subsection 4.06(b)Series for such Business Day.

Appears in 1 contract

Samples: Amended and Restated Series 1997 1 Supplement (Fingerhut Companies Inc)

Coverage of Required Amount. for the Class A ------------------------------------------- CertificatesSeries 2000-1 Securities. (a) On each Determination DateTo the extent that any amounts are on deposit in the Excess Funding Account on any Business Day, the Servicer shall determine apply, in the ------------ manner specified for application of Available Series 2000-1 Finance Charge Collections in subsections 4.9(a)(i) through (xi) of the Agreement, Transferor Finance Charge Collections in an amount equal to the excess of (x) the product of (a) the Base Rate, (b) the amounts on deposit in the Excess Funding Account and (c) the number of days elapsed since the previous Business Day divided by the actual number of days in such year over (y) the aggregate amount of all earnings since the previous Business Day available from the Cash Equivalents in which funds on deposit in the Excess Funding Account are invested (the "Class A Negative Carry Amount"). (b) To the extent that on any Business Day payments are being made pursuant to any of subsections 4.9(a)(i) through (x) of the Agreement, respectively, and the full amount to be paid pursuant to any such subsection receiving payments on such Business Day is not paid in full on such Business Day, the Servicer shall apply, in the manner specified for application of Available Series 2000-1 Finance Charge Collections in subsections 4.9(a)(i) through (x) of the Agreement, all or a portion of the Excess Finance Charge Collections from other Series with respect to such Business Day allocable to the Series 2000-1 Securities in an amount equal to the excess of the full amount to be allocated or paid pursuant to the applicable subsection over the amount applied with respect thereto from Available Series 2000-1 Finance Charge Collections and Transferor Finance Charge Collections on such Business Day (the "Required Amount"), if any, by which the sum of (i) Class A Monthly Interest for the related Distribution Date payable with respect . Excess Finance Charge Collections allocated to the Class A Invested Amount, (ii) Series 2000-1 Securities for any Class A Monthly Interest previously due but not paid Business Day shall mean an amount equal to the Class A Certificateholders, (iii) any Class A Additional Interest, (iv) the Class A Investor Default Amount, if any, for such Distribution Date and (v) to the extent payable to a Successor Servicer that is not an Affiliate of the Seller, the Monthly Servicing Fee (the sum of (i) through (v), the "Class A Covered Amount") exceeds the sum product of (x) Class A Available Funds for such Distribution Date which are available to pay (i) through (v) (after taking into consideration the pro rata portion of the Monthly Servicing Fee payable in accordance with the first proviso to subsection 4.07(a) of the Agreement), (y) Excess Spread available pursuant to Section 4.09 of the Agreement and (z) Excess Finance Charge Collections allocable to available from all other Series for such Business Day and (y) a fraction, the Series 1998-V Certificates pursuant to subsection 4.04(c) numerator of which is the Agreement (up to the Shortfall Amount). In the event that the Class A Required Amount for such Business Day and the denominator of which is greater than zero, the Servicer shall give written notice to the Trustee aggregate amount of such positive Class A Required Amount, specifying therein the amount shortfalls in required amounts or other amounts to be withdrawn pursuant to this subsection 4.06(a), on or after the Determination Date but in no event later than three paid from Finance Charge Collections for all Series for such Business Days prior to such Distribution Date. On the Transfer Date, the Trustee (or the Servicer on the Trustee's behalf) shall withdraw the Withdrawal Amount from the Cash Collateral Account and immediately deposit such amount into the Collection Account. In the event that the Class A Required Amount exceeds the Available Cash Collateral Amount with respect to such Distribution Date, Reallocated Principal Collections with respect to such Distribution Date in an amount equal to such excess shall be distributed from the Collection Account on such Distribution Date pursuant to Section 4.10Day. (b) If the Servicer fails to make any payment or deposit (other than as required by Sections 2.07, 7.04, 8.04, 9.02 (upon receipt of sale proceeds thereunder) and 10.01 of the Agreement) required to be made by the Servicer at the time specified in the Agreement (including applicable grace periods), the Trustee, without instruction from the Servicer, shall make such payment or deposit from the Collection Account. If the Servicer fails to give the notice of a positive Class A Required Amount required to be given by the Servicer pursuant to subsection 4.06(a) of the Agreement, the Trustee shall make a withdrawal from the Cash Collateral Account in accordance with the certificate delivered pursuant to subsection 3.04(b) of the Agreement without instruction from the Servicer. In the event that the Servicer fails to deliver the certificate required by subsection 3.04(b) of the Agreement, no withdrawal from the Cash Collateral Account shall be made; provided, however, that if the Trustee, in its sole -------- ------- discretion, is able to determine and confirm the amount of interest payable pursuant to subsection 4.07(a)(i) of the Agreement, the Trustee shall, if necessary after application of the funds in the Collection Account, make a withdrawal from the Cash Collateral Account in the amount of the interest shortfall. The Servicer shall, upon request of the Trustee, promptly provide the Trustee with all information necessary to allow the Trustee to comply with the provisions of this subsection 4.06(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Metris Master Trust)

Coverage of Required Amount. for the Class A ------------------------------------------- Series 1997-1 Certificates. (a) On each Determination DateTo the extent that any amounts are on deposit in the Excess Funding Account or the Pre-Funding Account on any Business Day, the Servicer shall determine apply, in the ------------ manner specified for application of Available Series 1997-1 Finance Charge Collections in subsections 4.9(a)(i) through (xiv) of the Agreement, Transferor Finance Charge Collections in an amount (the "Class A Negative Carry Amount") equal to the excess of (x) the product of (a) the Base Rate, (b) the amounts on deposit in the Excess Funding Account and the PreFunding Account and (c) the number of days elapsed since the previous Business Day divided by the actual number of days in such year over (y) the aggregate amount of all earnings since the previous Business Day available from the Cash Equivalents in which funds on deposit in the Excess Funding Account and Pre-Funding Account are invested. (b) To the extent that on any Business Day payments are being made pursuant to any of subsections 4.9(a)(i) through (xiv) of the Agreement, respectively, and the full amount to be paid pursuant to any such subsection receiving payments on such Business Day is not paid in full on such Business Day, the Servicer shall apply, in the manner specified for application of Available Series 1997-1 Finance Charge Collections in subsections 4.9(a)(i) through (xiv) of the Agreement, all or a portion of the Excess Finance Charge Collections from other Series with respect to such Business Day allocable to the Series 1997-1 Certificates in an amount equal to the excess of the full amount to be allocated or paid pursuant to the applicable subsection over the amount applied with respect thereto from Available Series 1997-1 Finance Charge Collections and Transferor Finance Charge Collections on such Business Day (the "Required Amount"), if any, by which the sum of (i) Class A Monthly Interest for the related Distribution Date payable with respect . Excess Finance Charge Collections allocated to the Class A Invested Amount, (ii) Series 1997-1 Certificates for any Class A Monthly Interest previously due but not paid Business Day shall mean an amount equal to the Class A Certificateholders, (iii) any Class A Additional Interest, (iv) the Class A Investor Default Amount, if any, for such Distribution Date and (v) to the extent payable to a Successor Servicer that is not an Affiliate of the Seller, the Monthly Servicing Fee (the sum of (i) through (v), the "Class A Covered Amount") exceeds the sum product of (x) Class A Available Funds for such Distribution Date which are available to pay (i) through (v) (after taking into consideration the pro rata portion of the Monthly Servicing Fee payable in accordance with the first proviso to subsection 4.07(a) of the Agreement), (y) Excess Spread available pursuant to Section 4.09 of the Agreement and (z) Excess Finance Charge Collections allocable to available from all other Series for such Business Day and (y) a fraction, the Series 1998-V Certificates pursuant to subsection 4.04(c) numerator of which is the Agreement (up to the Shortfall Amount). In the event that the Class A Required Amount for such Business Day and the denominator of which is greater than zero, the Servicer shall give written notice to the Trustee aggregate amount of such positive Class A Required Amount, specifying therein the amount shortfalls in required amounts or other amounts to be withdrawn pursuant to this subsection 4.06(a), on or after the Determination Date but in no event later than three paid from Finance Charge Collections for all Series for such Business Days prior to such Distribution Date. On the Transfer Date, the Trustee (or the Servicer on the Trustee's behalf) shall withdraw the Withdrawal Amount from the Cash Collateral Account and immediately deposit such amount into the Collection Account. In the event that the Class A Required Amount exceeds the Available Cash Collateral Amount with respect to such Distribution Date, Reallocated Principal Collections with respect to such Distribution Date in an amount equal to such excess shall be distributed from the Collection Account on such Distribution Date pursuant to Section 4.10Day. (b) If the Servicer fails to make any payment or deposit (other than as required by Sections 2.07, 7.04, 8.04, 9.02 (upon receipt of sale proceeds thereunder) and 10.01 of the Agreement) required to be made by the Servicer at the time specified in the Agreement (including applicable grace periods), the Trustee, without instruction from the Servicer, shall make such payment or deposit from the Collection Account. If the Servicer fails to give the notice of a positive Class A Required Amount required to be given by the Servicer pursuant to subsection 4.06(a) of the Agreement, the Trustee shall make a withdrawal from the Cash Collateral Account in accordance with the certificate delivered pursuant to subsection 3.04(b) of the Agreement without instruction from the Servicer. In the event that the Servicer fails to deliver the certificate required by subsection 3.04(b) of the Agreement, no withdrawal from the Cash Collateral Account shall be made; provided, however, that if the Trustee, in its sole -------- ------- discretion, is able to determine and confirm the amount of interest payable pursuant to subsection 4.07(a)(i) of the Agreement, the Trustee shall, if necessary after application of the funds in the Collection Account, make a withdrawal from the Cash Collateral Account in the amount of the interest shortfall. The Servicer shall, upon request of the Trustee, promptly provide the Trustee with all information necessary to allow the Trustee to comply with the provisions of this subsection 4.06(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement Supplement (Metris Companies Inc)

Coverage of Required Amount. for the Class A ------------------------------------------- Certificates. (a) On each Determination Date, the Servicer shall determine the ------------ amount (the "Class A Required Amount"), if any, by which the sum of (i) Class A Monthly Interest for the related Distribution Date payable with respect to the Class A Invested Amount, (ii) any Class A Monthly Interest previously due but not paid to the Class A Certificateholders, (iii) any Class A Additional Interest, (iv) the Class A Investor Default Amount, if any, for such Distribution Date and (v) to the extent payable to a Successor Servicer that is not an Affiliate of the Seller, the Monthly Servicing Fee (the sum of (i) through (v), the "Class A Covered Amount") exceeds the sum of (x) Class A Available Funds for such Distribution Date which are available to pay (i) through (v) (after taking into consideration the pro rata portion of the Monthly Servicing Fee payable in accordance with the first proviso to subsection 4.07(a) of the Agreement), (y) Excess Spread available pursuant to Section 4.09 of the Agreement and (z) Excess Finance Charge Collections allocable to the Series 19981999-V Y Certificates pursuant to subsection 4.04(c) of the Agreement (up to the Shortfall Amount). In the event that the Class A Required Amount is greater than zero, the Servicer shall give written notice to the Trustee of such positive Class A Required Amount, specifying therein the amount to be withdrawn pursuant to this subsection 4.06(a), on or after the Determination Date but in no event later than three Business Days prior to such Distribution Date. On the Transfer Date, the Trustee (or the Servicer on the Trustee's behalf) shall withdraw the Withdrawal Amount from the Cash Collateral Account and immediately deposit such amount into the Collection Account. In the event that the Class A Required Amount exceeds the Available Cash Collateral Amount with respect to such Distribution Date, Reallocated Principal Collections with respect to such Distribution Date in an amount equal to such excess shall be distributed from the Collection Account on such Distribution Date pursuant to Section 4.10. (b) If the Servicer fails to make any payment or deposit (other than as required by Sections 2.07, 7.04, 8.04, 9.02 (upon receipt of sale proceeds thereunder) and 10.01 of the Agreement) required to be made by the Servicer at the time specified in the Agreement (including applicable grace periods), the Trustee, without instruction from the Servicer, shall make such payment or deposit from the Collection Account. If the Servicer fails to give the notice of a positive Class A Required Amount required to be given by the Servicer pursuant to subsection 4.06(a) of the Agreement, the Trustee shall make a withdrawal from the Cash Collateral Account in accordance with the certificate delivered pursuant pursu- ant to subsection 3.04(b) of the Agreement without instruction from the Servicer. In the event that the Servicer fails to deliver the certificate required by subsection 3.04(b) of the Agreement, no withdrawal from the Cash Collateral Account shall be made; provided, however, that if the Trustee, in its sole -------- ------- sole discretion, is able to determine and confirm the amount of interest payable pursuant to subsection 4.07(a)(i) of the Agreement, the Trustee shall, if necessary after application of the funds in the Collection Account, make a withdrawal from the Cash Collateral Account in the amount of the interest shortfall. The Servicer shall, upon request of the Trustee, promptly provide the Trustee with all information necessary to allow the Trustee to comply with the provisions of this subsection 4.06(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Chicago Master Trust Ii)

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