Daily Allocations. (a) The portion of Collections ----------------- allocated to the Series 1999-1 Investor Certificates pursuant to this Article IV ---------- shall be allocated and distributed as set forth in this Article IV by the ---------- Trustee based solely on the information provided it by the Servicer in the Daily Report (upon which the Trustee may conclusively rely unless otherwise notified by the Control Party). (i) On each Business Day, (x) an amount equal to the Accrued Expense Amount for such day shall be transferred by the Trustee from the Series 1999-1 Collection Subaccount to the Series 1999-1 Non-Principal Collection Sub- subaccount and (y) an amount equal to the Monthly Interest Amount for such day shall be transferred by the Trustee from the Series 1999-1 Non-Principal Collection Sub-subaccount to the Series 1999-1 Accrued Interest Sub-subaccount. (ii) Following the transfers pursuant to clause (i) above, on each ---------- Business Day any remaining funds on deposit in the Series 1999-1 Collection Subaccount shall be transferred by the Trustee to the Series 1999-1 Principal Collection Sub-subaccount. (i) On each Business Day during the Revolving Period (including Payment Dates), after giving effect to all allocations of Collections on such Business Day, amounts on deposit in the Series 1999-1 Principal Collection Sub-subaccount shall (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 1999-1 Principal Collection Sub-subaccount to the extent the Series 1999-1 Target Receivables Amount exceeds the Series 1999-1 Allocated Receivables Amount;(C) to the Series 1999-1 Certificateholders to the extent of any Commitment Fees and Program Fees that were accrued and unpaid as of the previous Payment Date; (D) if CompuCom is not the Servicer, to the payment of all accrued and unpaid Program Costs; (E) to the Agent to the extent of any accrued and unpaid Article IV Costs; and (F) subject to the last sentence of Section 4.04(d), (x) to the Transferor in accordance with the directions contained in the Daily Report or (y) at the election of the Transferor by written notice to the Servicer, the Agent and the Trustee, (A) to be retained in the Series 1999-1 Principal Collection Sub-subaccount, an amount specified in such notice (which amount may be distributed at the direction of the Transferor) or (B) to the Series Principal Collection Sub-subaccount of another Series. (ii) On each Business Day during the Early Amortization Period (including Payment Dates) (after giving effect to all allocations of Collections on such Business Day and transfers pursuant to Sections 4.04(d) and (e)), ---------------- ---- amounts on deposit in the Series 1999-1 Principal Collection Sub-subaccount shall (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 1999-1 Principal Collection Sub-subaccount, an amount up to the Series 0000-0 Xxxxxxxxx Invested Amount; and (C) the remainder of such funds shall be distributed by the Trustee in accordance with clauses (B) ----------- through (E) of Section 4.04(c)(i) above. --- ------------------ (d) On each Business Day during the Early Amortization Period (including Payment Dates), the Trustee shall transfer from the Series 1999-1 Principal Collection Sub-subaccount to the Series 1999-1 Principal Collection Subordinated Sub-subaccount out of amounts deposited into the Series 1999-1 Principal Collection Sub-subaccount (prior to any withdrawal pursuant to Section 4.04(c) --------------- above) the product of (i) the Series 1999-1 Subordinated Percentage and (ii) the amount of funds deposited into the Series 1999-1 Principal Collection Sub- subaccount on such day (other than funds transferred to the Series 1999-1 Principal Collection Sub-subaccount pursuant to Section 4.04(e) below). Upon --------------- termination of the Early Amortization Period, amounts remaining on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount shall be transferred to the Series 1999-1 Principal Collection Sub-subaccount to the extent of the Adjusted Invested Amount and the remainder shall be distributed in accordance with clauses (B) through (E) of Section 4.04(c)(i) above. The ----------- --- ------------------ Trustee shall not distribute any funds from the Series 1999-1 Principal Collection Sub-subaccount and the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Transferor (x) if any Prospective Early Amortization Event has occurred and is continuing or (y) during the Early Amortization Period until the Adjusted Invested Amount has been reduced to zero and all other amounts owing under this Supplement have been paid in full. (e) On each Business Day (including Payment Dates) during the Early Amortization Period, the Trustee shall transfer from funds on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Series 1999-1 Principal Collection Sub-subaccount an amount equal to the sum of (i) the product of (A) the Invested Percentage and (B) the excess of (1) the Dilution Factors made and the Unpaid Balance of Ineligible Receivables designated since the prior Business Day minus (2) the amount deposited by the Transferor in the Series 1999-1 Principal Collection Sub-subaccount in respect of such Dilution Factors and Ineligible Receivables since the preceding Business Day and (ii) the product of (A) the Invested Percentage and (B) the Unpaid Balance of Receivables in the Trust which became Defaulted Receivables since the preceding Business Day (but in no event greater than the amount on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount). (f) The allocations to be made pursuant to this Section 4.04 are subject to ------------ the provisions of Sections 2.04(c), 2.04(d), 12.01 and 12.02 of this Agreement. ---------------- ------- ----- ----- Section 4.05 is modified in its entirety to read as follows: ------------
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Compucom Systems Inc), Pooling and Servicing Agreement (Safeguard Scientifics Inc Et Al)
Daily Allocations. (a) The portion of the Aggregate Daily Collections ----------------- allocated to the Series 19992000-1 Investor Certificates pursuant to this Article IV ---------- III of the Agreement shall be allocated and distributed as ----------- set forth in this Article IV III by the ---------- Trustee based solely on the information ----------- provided it by the Master Servicer in the Daily Report (upon which the Trustee may conclusively rely unless otherwise notified by rely, subject to its obligation to perform the Control Party).procedures set forth in the internal operating procedures memorandum):
(i) On each Business Dayduring the Series 2000-1 Amortization Period, (x) if any amounts are owed to any Person on account of Servicing Fees incurred in respect of the performance of its responsibilities as Successor Master Servicer, an amount equal to the Accrued Expense product of (a) the amount so owed to such Successor Master Servicer and (b) a fraction, the numerator of which shall be equal to the Series 2000-1 Invested Amount for such day as of the end of the immediately preceding Accrual Period and the denominator of which shall be equal to the Aggregate Invested Amount as of the end of the immediately preceding Accrual Period shall be transferred by the Trustee from
(1) firstly, from the Series 19992000-1 Collection U.S. Dollar Concentration Subaccount to the Series 19992000-1 U.S. Dollar Non-Principal Collection Sub- subaccount Concentration Subaccount, and (y) an amount equal then, to the Monthly Interest Amount for such day shall be transferred by extent that the Trustee funds on deposit in the Series 2000-1 US Dollar Concentration Subaccount are insufficient, (2) from the Series 19992000-1 Pound Sterling Concentration Subaccount to the Series 2000-1 Pound Sterling Non-Principal Collection SubConcentration Subaccount, and lastly, (3) from the Series 2000-subaccount 1 Euro Concentration Subaccount to the Series 19992000-1 Accrued Interest SubEuro Non-subaccount.Principal Concentration Subaccount;
(ii) Following on each Business Day, following the transfers pursuant to clause (i) above, an amount equal to the Series ---------- 2000-1 Accrued Expense Amount for such day (or, during the Series 2000-1 Revolving Period, such greater amount as the Master Servicer may request in writing) shall be transferred (1) from the Series 2000-1 U.S. Dollar Concentration Subaccount to the Series 2000-1 U.S. Dollar Non-Principal Concentration Subaccount and then, to the extent that the funds on deposit in the Series 2000-1 U.S. Dollar Concentration Subaccount are insufficient, (2) from the Series 2000-1 Pound Sterling Concentration Subaccount to the Series 2000-1 Pound Sterling Non-Principal Concentration Subaccount, and lastly, (3) from the Series 2000-1 Euro Concentration Subaccount to the Series 2000-1 Euro Non-Principal Concentration Subaccount; provided that (A) on the tenth -------- Business Day of each Accrual Period (and each Business Day thereafter, if necessary, until the full amount of any positive Series 2000-1 Accrued Expense Adjustment is transferred), (B) on the day of any Series 2000-1 Increase (and each Business Day thereafter, if necessary, until the full amount of any positive Series 2000-1 Accrued Expense Adjustment is transferred), (C) on the day of any Series 2000-1 Decrease and (D) on the last Business Day of each Accrual Period, an amount equal to the Series 2000-1 Accrued Expense Adjustment shall, if such adjustment is a positive amount, be transferred from the relevant Series 2000-1 Concentration Subaccount to the relevant Series 2000-1 Non-Principal Concentration Subaccount in the same order of priority as indicated under (1) (2) and (3) above, or if such adjustment is a negative amount, be transferred from the relevant Series 2000-1 Non-Principal Concentration Subaccount to the Series 2000-1 Concentration Subaccount (or deducted from the transfer in respect of the Series 2000-1 Accrued Expense Amount for such day);
(iii) on each ---------- Business Day (including Distribution Dates), following the transfers pursuant to clauses (i) and (ii) above, any remaining funds on deposit in the Series 19992000-1 Collection Subaccount Concentration Subaccounts shall be transferred by the Trustee to the relevant Series 19992000-1 Principal Collection Sub-subaccountConcentration Subaccounts.
(i) On each Business Day during the Series 2000-1 Revolving Period (including Payment Distribution Dates), after giving effect to (x) all allocations of Aggregate Daily Collections referred to in subparagraphs (a)(i), (a)(ii) -------------------- ------- and (a)(iii) on such Business Day and (y) any deposit -------- resulting from a Series 2000-1 Increase, if any, pursuant to subsection 2.05(d) on such Business Day, amounts on ------------------ deposit in the Series 19992000-1 Principal Collection Sub-subaccount Concentration Subaccounts (including any amounts transferred thereto pursuant to subsection 3A.03(c)(i) of any Supplement) ---------------------- shall be distributed by the Trustee not later than 2:30 p.m. London time (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Aggregate Daily Collections on deposit therein) be distributed as indicated on the therein not later than 12:30 p.m. London time, upon which Daily Report by the Trustee may conclusively rely, subject to its obligation to perform the procedures set forth in the following order of priority: internal operating procedures memorandum), (A) first, to any Successor Servicerpay Series 2000-1 Excess Program Costs; provided that -------- such costs shall be first paid from (1) the Series 2000-1 U.S. Dollar Principal Concentration Subaccount and then, any Additional Servicing Fee due to the extent that the funds on deposit in the Series 2000-1 U.S. Dollar Principal Concentration Subaccount are insufficient, from (2) the Series 2000-1 Pound Sterling Principal Concentration Subaccount, and arising, lastly from (3) the Series 2000-1 Euro Principal Concentration Subaccount and (B) second, to be retained distribute to the account designated by the Master Servicer an amount equal to the Outstanding Amount Advanced, if any, from the applicable Series 2000- 1 Principal Concentration Subaccount corresponding to the Approved Currency in which the Master Servicer has made the Servicer Advance; (C) third, any remaining balances in the Series 19992000-1 Principal Collection Sub-subaccount Concentration Subaccounts shall be transferred to the extent the Series 1999-1 Target Receivables Amount exceeds the Series 1999-1 Allocated Receivables Amount;(C) to the Series 1999-1 Certificateholders to the extent of any Commitment Fees and Program Fees that were accrued and unpaid as of the previous Payment Date; (D) if CompuCom is not the Servicer, to the payment of all accrued and unpaid Program Costs; (E) to the Agent to the extent of any accrued and unpaid Article IV Costs; and (F) subject to the last sentence of Section 4.04(d), (x) to the Transferor relevant Company Receipts Accounts in accordance with the directions contained in the Daily Report or to such accounts or such Persons as the Master Servicer may direct in writing (which directions may consist of standing instructions provided by the Company that shall remain in effect until changed by the Company in writing); provided that such distribution -------- shall be made only if no Series 2000-1 Early Amortization Event, or Potential Series 2000-1 Early Amortization Event set forth in Section 5.01 of this Series 2000-1 ------------ Supplement or Section 7.1 of the Agreement has occurred and is continuing; provided, further, that if the Company -------- ------- (or the Master Servicer on behalf of the Company) shall have given the Funding Agent and the Trustee irrevocable written notice (effective upon receipt) (x) at least two Business Days prior to such day, in the case of any notice given prior to a PARCO Termination Event with respect to a Series 2000-1 CP Tranche, (y) at on such day, in the election case of the Transferor by written any notice given on or after a PARCO Termination Event or a Series 2000-1 Purchase Date with respect to the ServicerSeries 2000-1 Floating Tranche, or (z) at least three Business Days prior to such day, in the case of any notice given on or after a PARCO Termination Event or a Series 2000-1 Purchase Date with respect to the Series 2000-1 Eurodollar Tranche, the Agent and Master Servicer may instruct the Trustee, Trustee in writing (Aspecifying the related amount) to be retained withdraw all or a portion of such amounts on deposit in the Series 19992000-1 U.S. Dollar Principal Collection Sub-subaccount, an amount specified in Concentration Subaccount (including any amounts transferred thereto pursuant to subsection 3A.03(c)(i) of ---------------------- any Supplement) and apply such notice (which amount may be distributed at withdrawn amounts toward the direction reduction of the Transferor) or (B) to Series 2000-1 Invested Amount and the Series 2000-1 Subordinated Interest Amount in accordance with Section 2.06. To the extent that funds ------------ on deposit in the Series 2000-1 U.S. Dollar Principal Collection SubConcentration Subaccount are insufficient to reduce the Series 2000-subaccount of another Series1 Invested Amount and the Series 2000-1 Subordinated Interest Amount, the Trustee shall withdraw funds on deposit in the Series 2000-1 Pound Sterling Principal Concentration Subaccount and second from the Series 2000-1 Euro Principal Concentration Subaccount to satisfy any such deficiencies.
(ii) On each Business Day during the Early Series 2000-1 Amortization Period (including Payment Distribution Dates) (after giving effect to all allocations of Collections on such Business Day and transfers pursuant to Sections 4.04(d) and (e)), ---------------- ---- amounts on deposit funds deposited in the Series 19992000-1 Principal Collection Sub-subaccount Concentration Subaccounts shall (but only be invested in Eligible Investments that mature on or prior to the extent that Business Day immediately preceding the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due next Distribution Date and arising, (B) to be retained in the Series 1999-1 Principal Collection Sub-subaccount, an amount up to the Series 0000-0 Xxxxxxxxx Invested Amount; and (C) the remainder of such funds shall be distributed by the Trustee on such Distribution Date in accordance with clauses (B) ----------- through (E) of Section 4.04(c)(i) above. --- ------------------
(d) On each Business Day during the Early Amortization Period (including Payment Dates), the Trustee shall transfer from the Series 1999-1 Principal Collection Sub-subaccount to the Series 1999-1 Principal Collection Subordinated Sub-subaccount out of amounts deposited into the Series 1999-1 Principal Collection Sub-subaccount (prior to any withdrawal pursuant to Section 4.04(c) --------------- above) the product of (i) the Series 1999-1 Subordinated Percentage and (ii) the amount of funds deposited into the Series 1999-1 Principal Collection Sub- subaccount on such day (other than funds transferred to the Series 1999-1 Principal Collection Sub-subaccount pursuant to Section 4.04(e) below). Upon --------------- termination of the Early Amortization Period, amounts remaining on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount shall be transferred to the Series 1999-1 Principal Collection Sub-subaccount to the extent of the Adjusted Invested Amount and the remainder shall be distributed in accordance with clauses (B) through (E) of Section 4.04(c)(i) above. The ----------- --- ------------------ Trustee shall not distribute any funds from the Series 1999-1 Principal Collection Sub-subaccount and the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Transferor (x) if any Prospective Early Amortization Event has occurred and is continuing or (y) during the Early Amortization Period until the Adjusted Invested Amount has been reduced to zero and all other amounts owing under this Supplement have been paid in full.
(e) On each Business Day (including Payment Dates) during the Early Amortization Period, the Trustee shall transfer from funds on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Series 1999-1 Principal Collection Sub-subaccount an amount equal to the sum of (i) the product of (A) the Invested Percentage and (B) the excess of (1) the Dilution Factors made and the Unpaid Balance of Ineligible Receivables designated since the prior Business Day minus (2) the amount deposited by the Transferor in the Series 1999-1 Principal Collection Sub-subaccount in respect of such Dilution Factors and Ineligible Receivables since the preceding Business Day and (ii) the product of (A) the Invested Percentage and (B) the Unpaid Balance of Receivables in the Trust which became Defaulted Receivables since the preceding Business Day (but in no event greater than the amount on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount).
(f) The allocations to be made pursuant to this Section 4.04 are subject to ------------ the provisions of Sections 2.04(c), 2.04(d), 12.01 and 12.02 of this Agreement. ---------------- ------- ----- -----
Section 4.05 is modified in its entirety to read as follows: ------------subsection 3A.05
Appears in 2 contracts
Samples: Pooling Agreement (Huntsman Ici Holdings LLC), Pooling Agreement (Huntsman Ici Chemicals LLC)
Daily Allocations. In accordance with the written direction of the Servicer, upon which the Trustee may conclusively rely:
(a) The portion of the Aggregate Daily Collections ----------------- allocated to the Series 19991996-1 Investor Certificates pursuant to this Article IV ---------- III of the Agreement shall be allocated and distributed as set forth in this Article IV III by the ---------- Trustee based solely on the information provided it by the Servicer in the Daily Report (upon which the Trustee may conclusively rely unless otherwise notified by the Control Party).as follows:
(i) On on each Business Day, (x) an amount equal to the Accrued Expense Amount for such day (or, during the Series 1996-1 Revolving Period, such greater amount as the Company may request in writing) shall be transferred by the Trustee from the Series 19991996-1 Collection Subaccount to the Series 1999-1 Non-Principal Collection Sub- subaccount and (y) an amount equal to the Monthly Interest Amount for such day shall be transferred by the Trustee from the Series 19991996-1 Non-Principal Collection Sub-subaccount; PROVIDED, HOWEVER, that during the Series 1996-1 Amortization Period, to the extent of funds on deposit (after giving effect to deposits on such Business Day) in the Series 1996-1 Collection Subordinated Sub-subaccount, such transfer shall be made from funds on deposit in the Series 1996-1 Collection Subordinated Sub-subaccount prior to any transfer from the Series 1996-1 Collection Subaccount, in each case to the Series 19991996-1 Accrued Interest Non-Principal Collection Sub-subaccount.;
(ii) Following following the transfers pursuant to clause (i) above, on each ---------- Business Day during the Series 1996-1 Revolving Period, any remaining funds on deposit in the Series 19991996-1 Collection Subaccount shall be transferred by the Trustee to the Series 19991996-1 Principal Collection Sub-subaccount;
(iii) if the Series 1996-1 Amortization Period commences prior to March 31, 1997, then, during the Series 1996-1 Amortization Period, following the transfers made pursuant to clause (i) above, any remaining funds on deposit in the Series 1996-1 Collection Subaccount shall be allocated and transferred by the Trustee as follows:
(A) an amount equal to the sum of (I) the product of (x) the Series 1996-1 Collections, TIMES (y) the Ineligible Receivables Percentage, PLUS (II) the product of (x) the Series 1996-1 Collections, TIMES (y) the Eligible Receivables Percentage, TIMES (z) the Series 1996-1 Subordinated Percentage, shall be transferred to the Series 1996-1 Collection Subordinated Sub-subaccount; and
(B) following the transfer made pursuant to clause (A) above, any remaining funds on deposit in the Series 1996-1 Collection Subaccount shall be transferred to the Series 1996-1 Principal Collection Sub-subaccount; and
(iv) if the Series 1996-1 Amortization Period commences on or after March 31, 1997, then, during the Series 1996-1 Amortization Period, following the transfers pursuant to clause (i) above, any remaining funds on deposit in the Series 1996-1 Collection Subaccount shall be transferred by the Trustee to the Series 1996-1 Principal Collection Sub-subaccount.
(i) On each Business Day during the Series 1996-1 Revolving Period (including Payment Distribution Dates), after giving effect to all allocations of Aggregate Daily Collections on such Business Day, amounts on deposit in the Series 19991996-1 Principal Collection Sub-subaccount shall be distributed by the Trustee to the Company (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) in accordance with directions contained in such Daily Report; PROVIDED that such distribution shall be distributed as indicated made only if no Potential Early Amortization Event or Early Amortization Event, in each case pursuant to Section 7.1 of the Agreement or subsections (a), (d) (but only with respect to a Servicer Default set forth in subsection 6.1(e) of the Servicing Agreement), (g) or (i) of Section 5.1 of this Supplement, has occurred and is continuing and only to the extent that, after giving effect to such distribution, the Series 1996-1 Target Receivables Amount would not exceed the Series 1996-1 Allocated Receivables Amount; PROVIDED FURTHER that if the Company or the Servicer, on behalf of the Daily Report by Company, shall have given a notice of a Reduction and the related Reduction Amount to the Trustee in and the following order of priority: Servicer pursuant to subsection 2.6(a) (A) to any Successor Servicerand the Trustee shall have received such notice), any Additional Servicing Fee due and arisingthe Trustee shall retain, (B) to be retained until the related Special Distribution Date, aggregate amounts on deposit in the Series 19991996-1 Principal Collection Sub-subaccount equal to the extent sum of the Reduction Amount in respect thereof; PROVIDED STILL FURTHER that in the event that an amount less than the Accrued Expense Amount for such day was transferred from the Series 19991996-1 Target Receivables Amount exceeds the Series 1999-1 Allocated Receivables Amount;(C) Collection Subaccount to the Series 19991996-1 Certificateholders Non-Principal Collection Sub- subaccount on such day pursuant to the extent of any Commitment Fees and Program Fees that were accrued and unpaid as of the previous Payment Date; (D) if CompuCom is not the Servicer, to the payment of all accrued and unpaid Program Costs; (E) to the Agent to the extent of any accrued and unpaid Article IV Costs; and (F) subject to the last sentence of Section 4.04(dsubsection 3A.3(a)(i), (x) to the Transferor in accordance with the directions contained in the Daily Report or (y) at the election of the Transferor by written notice to the Servicer, the Agent and the Trustee, (A) to be retained amount on deposit in the Series 19991996-1 Principal Collection Sub-subaccount, an amount specified in such notice (which amount may be distributed at the direction of the Transferor) or (B) to the Series Principal Collection Sub-subaccount of another Series.
(ii) On each Business Day during the Early Amortization Period (including Payment Dates) (after giving effect to all allocations of Collections on such Business Day and transfers pursuant to Sections 4.04(d) and (e)), ---------------- ---- amounts on deposit in the Series 1999-1 Principal Collection Sub-subaccount shall (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 1999-1 Principal Collection Sub-subaccount, an amount up to the Series 0000-0 Xxxxxxxxx Invested Amount; and (C) the remainder amount of such funds shall be distributed by the Trustee in accordance with clauses (B) ----------- through (E) of Section 4.04(c)(i) above. --- ------------------
(d) On each Business Day during the Early Amortization Period (including Payment Dates)deficiency, the Trustee shall transfer from the Series 1999-1 Principal Collection Sub-subaccount to the Series 1999-1 Principal Collection Subordinated Sub-subaccount out of amounts deposited into the Series 1999-1 Principal Collection Sub-subaccount (prior to any withdrawal pursuant to Section 4.04(c) --------------- above) the product of (i) the Series 1999-1 Subordinated Percentage and (ii) the amount of funds deposited into the Series 1999-1 Principal Collection Sub- subaccount on such day (other than funds transferred to the Series 1999-1 Principal Collection Sub-subaccount pursuant to Section 4.04(e) below). Upon --------------- termination of the Early Amortization Period, amounts remaining on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount shall be transferred to the Series 1999-1 Principal Collection Sub-subaccount to the extent of the Adjusted Invested Amount and the remainder shall be distributed in accordance with clauses (B) through (E) of Section 4.04(c)(i) above. The ----------- --- ------------------ Trustee shall not distribute any funds from the Series 1999-1 Principal Collection Sub-subaccount and the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Transferor (x) if any Prospective Early Amortization Event has occurred and is continuing or (y) during the Early Amortization Period until the Adjusted Invested Amount has been reduced to zero and all other amounts owing under this Supplement have been paid in full.
(e) On each Business Day (including Payment Dates) during the Early Amortization Period, the Trustee shall transfer from funds on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Series 1999-1 Principal Collection Sub-subaccount an amount equal to the sum of (i) the product of (A) the Invested Percentage and (B) the excess of (1) the Dilution Factors made and the Unpaid Balance of Ineligible Receivables designated since the prior Business Day minus (2) the amount deposited by the Transferor in the Series 1999-1 Principal Collection Sub-subaccount in respect of such Dilution Factors and Ineligible Receivables since the preceding Business Day and (ii) the product of (A) the Invested Percentage and (B) the Unpaid Balance of Receivables in the Trust which became Defaulted Receivables since the preceding Business Day (but in no event greater than the amount on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount).
(f) The allocations to be made pursuant to this Section 4.04 are subject to ------------ the provisions of Sections 2.04(c), 2.04(d), 12.01 and 12.02 of this Agreement. ---------------- ------- ----- -----
Section 4.05 is modified in its entirety to read as follows: ------------Series
Appears in 1 contract
Daily Allocations. In accordance with the written direction of the Servicer, and based solely on the Daily Report upon which the Trustee may conclusively rely:
(a) The portion of the Aggregate Daily Collections ----------------- allocated to the Series 19991998-1 Investor Certificates Interests pursuant to this Article IV ---------- III of the Agreement shall be allocated and distributed on each Business Day as set forth in this Article IV III by the ---------- Trustee based solely on the information provided it by the Servicer in the Daily Report (upon which the Trustee may conclusively rely unless otherwise notified by the Control Party).as follows:
(i) On each Business Day, (x) an amount equal to the Accrued Expense Amount for such day (or, during the Series 1998-1 Revolving Period, such greater amount as the Company may request in writing) shall be transferred by the Trustee from the Series 19991998-1 Collection Subaccount; provided that if the amount on deposit in the Series 1998-1 Collection Subaccount is less than the Accrued Expense Amount required to be transferred to the Series 1999-1 Non-Principal Collection Sub- subaccount and (y) an amount equal to the Monthly Interest Amount for such day shall be transferred by the Trustee from the Series 19991998-1 Non-Principal Collection Sub-subaccount subaccount, then an amount equal to the shortfall shall be retained, first, in the Series 1998-1 Canada/U.S. Dollar Collection Subaccount and, second, to the extent of any remaining shortfall, in the Series 1998-1 Canada/Canadian Dollar Collection Subaccount; and provided further that, on each Distribution Date, such retained amounts shall be transferred to the Series 19991998-1 Accrued Interest Non-Principal Collection Sub-subaccount.;
(ii) Following the transfers pursuant to clause (i) above, on each ---------- Business Day any remaining funds on deposit in the Series 19991998-1 Collection Subaccount, the Series 1998-1 Canada/Canadian Dollar Collection Subaccount and the Series 1998-1 Canada/U.S. Dollar Collection Subaccount shall be transferred by the Trustee to the Series 19991998-1 Principal Collection Sub-subaccount.; provided that during the Series 1998-1 Revolving Period, amounts on deposit in the Series 1998-1 Canada/Canadian Dollar Collection Subaccount and the Series 1998-1 Canada/U.S. Dollar Collection Subaccount shall be transferred, in the order of priority set forth in subsection 3.1(d)(vii) of the Agreement, to the Series 1998-1 Principal Collection Sub-subaccount only to the extent such amounts are required to be distributed otherwise than to or upon the order of the Company as provided in subsection (b)(i) below; and provided further that on any day on which the principal amount of Commercial Paper shall be payable by the Initial Purchaser, upon the request of the Servicer or, after the commencement of an Early Amortization Period, the Funding Agent, the Trustee shall distribute to the Funding Agent an amount equal to the principal amount of such maturing Commercial Paper, first, from amounts on deposit in the Series 1998-1 Collection Subaccount and second, if the amount on deposit in the Series 1998-1 Collection Subaccount is less than the principal amount of such maturing Commercial Paper, from amounts on deposit in the Series 1998-1 Canada/U.S. Dollar Collection Subaccount and the Series 1998-1 Canada/Canadian Dollar Collection Subaccount in the order of priority set forth in subsection 3.1(d)(vii) of the Agreement, up to the amount of the shortfall;
(i) On each Business Day during the Series 1998-1 Revolving Period (including Payment Distribution Dates), after giving effect to (x) all allocations allocations, transfers and distributions of Aggregate Daily Collections on such Business Day and any retention of funds in the Series 1998-1 Canada/U.S. Dollar Collection Subaccount and the Series 1998-1 Canada/Canadian Dollar Collection Subaccount and (y) any deposit resulting from an Increase, if any, pursuant to subsection 2.5(c) on such Business Day, amounts on deposit in the Series 19991998-1 Principal Collection Sub-subaccount subaccount, the Series 1998-1 Canada/U.S. Dollar Collection Subaccount and the Series 1998-1 Canada/Canadian Dollar Collection Subaccount shall be distributed by the Trustee to or upon the order of the Company (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on not later than 2:00 p.m., New York City time, in accordance with directions contained in the Daily Report Report; provided that such distribution shall be made only if no Early Amortization Event or Potential Early Amortization Event in each case set forth in Section 7.1 of the Agreement or in subsections (a), (d) (but only with respect to a Servicer Default set forth in subsection 6.1(e) of the Servicing Agreement), (g), (i) or (j) of Section 5.1 of this Supplement has occurred and is continuing and only to the extent that, if after giving effect to such distribution, the Series 1998-1 Target Receivables Amount would not exceed the Series 1998-1 Allocated Receivables Amount; provided further that if notice of any Liens of the type described in subsection (j) of Section 5.1 of this Supplement shall be filed against WESCO, the Company or the Trust that, in any one instance or in the aggregate secures an amount that is less than $1,000,000, the Trustee shall withhold from such distribution the aggregate amount secured by such Liens, until there shall have been delivered to the Trustee and each Rating Agency proof of the release of, or payment of the amounts secured by, such Liens; provided further that if the Company or the Servicer, on behalf of the Company, shall have given the Funding Agent irrevocable written notice (effective upon receipt) at least two Business Days prior to such day, in the case of any notice given prior to the APA Bank Purchase Date, on such day, in the case of any notice given on or after the APA Bank Purchase Date with respect to the Floating Tranche, or at least three Business Days prior to such day, in the case of any notice given on or after the APA Bank Purchase Date with respect to the Eurodollar Tranche, the Company or the Servicer may instruct the Trustee in writing (specifying the following order of priority: (Arelated amount) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained withdraw all or a portion of such amounts on deposit in the Series 19991998-1 Principal Collection Sub-subaccount to and apply such withdrawn amounts toward the extent reduction of the Series 19991998-1 Target Receivables Invested Amount exceeds and the Series 19991998-1 Allocated Receivables Amount;(C) to the Series 1999-1 Certificateholders to the extent of any Commitment Fees and Program Fees that were accrued and unpaid as of the previous Payment Date; (D) if CompuCom is not the Servicer, to the payment of all accrued and unpaid Program Costs; (E) to the Agent to the extent of any accrued and unpaid Article IV Costs; and (F) subject to the last sentence of Section 4.04(d), (x) to the Transferor Subordinated Interest Amount in accordance with Section 2.7. Amounts distributed to the directions contained Company hereunder shall be deemed to be paid first from Collections received directly by the Servicer and second from Collections received in the Daily Report or (y) at the election of the Transferor by written notice to the Servicer, the Agent and the Trustee, (A) to be retained in the Series 1999-1 Principal Collection Sub-subaccount, an amount specified in such notice (which amount may be distributed at the direction of the Transferor) or (B) to the Series Principal Collection Sub-subaccount of another SeriesLockboxes.
(ii) On each Business Day during the Early Series 1998-1 Amortization Period (including Payment Distribution Dates) (after giving effect to all allocations of Collections on such Business Day and transfers pursuant to Sections 4.04(d) and (e)), ---------------- ---- amounts on deposit funds deposited in the Series 19991998-1 Principal Collection Sub-subaccount shall (but only be invested in Eligible Investments that mature on or prior to the extent that Business Day immediately preceding the Trustee has received a Daily Report which reflects the receipt of the Collections next Distribution Date and shall be distributed on such Distribution Date in accordance with subsection 3A.6(c). Except as set forth in subsection 3A.6(c), no amounts on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 19991998-1 Principal Collection Sub-subaccount, an amount up to the Series 0000-0 Xxxxxxxxx Invested Amount; and (C) the remainder of such funds subaccount shall be distributed by the Trustee in accordance with clauses (B) ----------- through (E) to the Company or the owner of Section 4.04(c)(i) above. --- ------------------the Series 1998-1 Subordinated Interest during the Series 1998-1 Amortization Period.
(dc) On each Business Day during Day, an amount equal to the Early Amortization Period (including Payment Dates), Daily Interest Deposit for such day shall be transferred by the Trustee shall transfer from the Series 19991998-1 Non-Principal Collection Sub-subaccount to the Series 19991998-1 Principal Collection Subordinated Accrued Interest Sub-subaccount out of amounts deposited into the Series 1999-1 Principal Collection Sub-subaccount (prior to any withdrawal pursuant to Section 4.04(c) --------------- above) the product of (i) the Series 1999-1 Subordinated Percentage and (ii) the amount of funds deposited into the Series 1999-1 Principal Collection Sub- subaccount on such day (other than funds transferred to the Series 1999-1 Principal Collection Sub-subaccount pursuant to Section 4.04(e) below). Upon --------------- termination of the Early Amortization Period, amounts remaining on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount shall be transferred to the Series 1999-1 Principal Collection Sub-subaccount to the extent of the Adjusted Invested Amount and the remainder shall be distributed in accordance with clauses (B) through (E) of Section 4.04(c)(i) above. The ----------- --- ------------------ Trustee shall not distribute any funds from the Series 1999-1 Principal Collection Sub-subaccount and the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Transferor (x) if any Prospective Early Amortization Event has occurred and is continuing or (y) during the Early Amortization Period until the Adjusted Invested Amount has been reduced to zero and all other amounts owing under this Supplement have been paid in fullsubaccount.
(e) On each Business Day (including Payment Dates) during the Early Amortization Period, the Trustee shall transfer from funds on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Series 1999-1 Principal Collection Sub-subaccount an amount equal to the sum of (i) the product of (A) the Invested Percentage and (B) the excess of (1) the Dilution Factors made and the Unpaid Balance of Ineligible Receivables designated since the prior Business Day minus (2) the amount deposited by the Transferor in the Series 1999-1 Principal Collection Sub-subaccount in respect of such Dilution Factors and Ineligible Receivables since the preceding Business Day and (ii) the product of (A) the Invested Percentage and (B) the Unpaid Balance of Receivables in the Trust which became Defaulted Receivables since the preceding Business Day (but in no event greater than the amount on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount).
(fd) The allocations to be made pursuant to this Section 4.04 3A.3 are subject to ------------ the provisions of Sections 2.04(c)2.5, 2.04(d)2.7, 12.01 7.2 and 12.02 9.1 of this the Agreement. ---------------- ------- ----- -----
Section 4.05 is modified in its entirety to read as follows: ------------.
Appears in 1 contract
Daily Allocations. (a) The portion of the Aggregate Daily Collections ----------------- allocated to the Series 19992000-1 Investor Certificates pursuant to this Article IV ---------- III of the Agreement shall be allocated and distributed as set forth in this Article IV III. The Master Servicer shall determine such allocations in accordance with this Article III and direct the Trustee to make such allocations by delivering the ---------- Daily Report and the Trustee based solely on shall allocate such amounts in accordance with the information provided it by instructions of the Master Servicer in the Daily Report (upon which the Trustee may conclusively rely unless otherwise notified by rely, subject to its obligation to perform the Control Party).procedures set forth in the Internal Operating Procedures Memorandum) as follows:
(i) On each Business Dayfirst, (x) during the Series 2000-1 Amortization Period, if any amounts are owed to any Person on account of Servicing Fees incurred in respect of the performance of its responsibilities as Successor Master Servicer, an amount equal to the Accrued Expense product of (a) the amount so owed to such Successor Master Servicer and (b) a fraction, the numerator of which shall be equal to the Series 2000-1 Invested Amount for such day as of the end of the immediately preceding Accrual Period and the denominator of which shall be equal to the Aggregate Invested Amount as of the end of the immediately preceding Accrual Period shall be transferred by the Trustee from the relevant Series 19992000-1 Collection Subaccount Concentration Account to the relevant Series 19992000-1 Non-Principal Collection Sub- subaccount and (y) an amount equal to Concentration Subaccount in accordance with the Monthly Interest Amount for such day shall be transferred by the Trustee from the Series 1999-1 Non-Principal Collection Sub-subaccount to the Series 1999-1 Accrued Interest Sub-subaccount.Account Currency Priority;
(ii) Following second, on each Business Day, following the transfers (if any) pursuant to clause (i) above, an amount equal to the Series 2000-1 Accrued Expense Amount for such day (or, during the Series 2000-1 Revolving Period, such greater amount as the Master Servicer may request in writing) shall be transferred from the relevant Series 2000-1 Concentration Account to the relevant Series 2000-1 Non-Principal Concentration Subaccount in accordance with the Account Currency Priority; provided that:
(A) on the tenth Business Day of each Accrual Period (and each Business Day thereafter, if necessary, until the full amount of any positive Series 2000-1 Accrued Expense Adjustment is transferred),
(B) on the day of any Series 2000-1 Increase (and each Business Day thereafter, if necessary, until the full amount of any positive Series 2000-1 Accrued Expense Adjustment is transferred),
(C) on the day of any distribution pursuant to Section 2.07 and
(D) on the last Business Day of each Accrual Period, an amount equal to the Series 2000-1 Accrued Expense Adjustment shall, if such adjustment is a positive amount, be transferred from the relevant Series 2000-1 Concentration Account to the relevant Series 2000-1 Non-Principal Concentration Subaccount in the order provided in the Account Currency Priority, or if such adjustment is a negative amount, be transferred from the relevant Series 2000-1 Non-Principal Concentration Subaccount to the relevant Series 2000-1 Concentration Account with respect to the same currency (or deducted from the transfer in respect of the Series 2000-1 Accrued Expense Amount for such Business Day);
(iii) third, on each ---------- Business Day (including Distribution Dates), following the transfers pursuant to sub-clauses (i) and (ii) above, any remaining funds on deposit in the Series 19992000-1 Collection Subaccount Concentration Accounts shall be transferred by the Trustee to the relevant Series 19992000-1 Principal Collection Sub-subaccountConcentration Subaccounts with respect to the same currency.
(i) On each Business Day during the Series 2000-1 Revolving Period (including Payment Distribution Dates), after giving effect to (x) all allocations of Aggregate Daily Collections referred to in subparagraphs (a)(i), (a)(ii) and (a)(iii) on such Business Day and (y) any deposit resulting from a Series 2000-1 Increase, if any, pursuant to Section 2.05(d) on such Business Day, amounts on deposit in the Series 19992000-1 Principal Collection Sub-subaccount Concentration Subaccounts shall be distributed by the Trustee not later than 2:30 p.m. London time (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Aggregate Daily Collections on deposit therein) be distributed as indicated on the therein not later than 12:30 p.m. London time, upon which Daily Report by the Trustee may conclusively rely, subject to its obligation to perform the procedures set forth in the following order of priority: Internal Operating Procedures Memorandum),
(A) first, to any Successor Servicerdistribute to the account designated by the Master Servicer an amount equal to the Outstanding Amount Advanced, any Additional Servicing Fee due and arisingif any, from the applicable Series 2000-1 Principal Concentration Subaccount corresponding to the Approved Currency in which the Master Servicer has made the Servicer Advance;
(B) second, to be retained distribute amounts payable with respect to reductions in the Series 19992000-1 Invested Amount and Series 2000-1 Subordinated Interest Amount in accordance with Section 2.07;
(C) third, any remaining balances in the Series 2000-1 Principal Collection Sub-subaccount Concentration Subaccounts shall be transferred to the extent the Series 1999-1 Target Receivables Amount exceeds the Series 1999-1 Allocated Receivables Amount;(C) to the Series 1999-1 Certificateholders to the extent of any Commitment Fees and Program Fees that were accrued and unpaid as of the previous Payment Date; (D) if CompuCom is not the Servicer, to the payment of all accrued and unpaid Program Costs; (E) to the Agent to the extent of any accrued and unpaid Article IV Costs; and (F) subject to the last sentence of Section 4.04(d), (x) to the Transferor relevant Company Receipts Accounts in accordance with the directions contained in the Daily Report or to such accounts or such Persons as the Master Servicer may direct in writing (y) at which directions may consist of standing instructions provided by the election of Company that shall remain in effect until changed by the Transferor by written notice to Company in writing); provided that the Servicer, the Agent and the Trustee, distributions under sub-clauses (A) to and (C) shall be retained in made only if no Series 2000-1 Early Amortization Event, or Potential Series 2000-1 Early Amortization Event or has occurred and is continuing; and
(D) fourth, distributions from the Series 19992000-1 Principal Collection SubConcentration Subaccount for purposes of sub-subaccount, an amount specified clause (C) above and Section 2.07 shall be made in such notice (which amount may be distributed at accordance with the direction of the Transferor) or (B) to the Series Principal Collection Sub-subaccount of another SeriesAccount Currency Priority.
(ii) On each Business Day during the Early Series 2000-1 Amortization Period (including Payment Distribution Dates) (after giving effect ), funds deposited in the Series 2000-1 Principal Concentration Subaccounts shall be invested in Eligible Investments that mature on or prior to all allocations of Collections the Business Day immediately preceding the next Distribution Date and shall be distributed on such Business Day and transfers pursuant to Sections 4.04(d) and (eDistribution Date in accordance with Section 3A.06(c). Except as set forth in Section 3A.06(c), ---------------- ---- no amounts on deposit in the any Series 19992000-1 Principal Collection Sub-subaccount shall (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 1999-1 Principal Collection Sub-subaccount, an amount up to the Series 0000-0 Xxxxxxxxx Invested Amount; and (C) the remainder of such funds Concentration Subaccount shall be distributed by the Trustee to the Company or the owner of the Series 2000-1 Subordinated Interests during the Series 2000-1 Amortization Period; provided that amounts on deposit which represent Collections received on Ineligible Receivables, may be released to the Company; provided, further, that in the case of Collections received with respect to Ineligible Receivables payment has been made by the Company in respect of such Ineligible Receivables in accordance with clauses Section 2.05 of the Pooling Agreement and/or (Bas the case may be) ----------- through (E) of Section 4.04(c)(i) above. --- ------------------the Exchangeable Company Interests have been reduced in accordance therewith and the Trustee has received all relevant payments from the Company in connection with the foregoing.
(di) On each Business Day during the Early Amortization Period (including Payment Dates)Day, the Trustee shall transfer from the Series 1999-1 Principal Collection Sub-subaccount an amount equal to the Series 19992000-1 Principal Collection Subordinated Sub-subaccount out of amounts deposited into Daily U.S. Dollar Interest Deposit for such day shall be transferred by the Trustee, based solely on the information provided to the Trustee by the Master Servicer in the Daily Report (upon which the Trustee may conclusively rely, subject to its obligation to perform the procedures set forth in the Internal Operating Procedures Memorandum), from the relevant Series 19992000-1 Non-Principal Collection SubConcentration Subaccount to the relevant Series 2000-subaccount 1 Accrued Interest Subaccount in accordance with the Account Currency Priority. Amounts transferred pursuant to sub-clauses (b) and (c) of the Account Currency Priority shall be converted into U.S. Dollars at the applicable currency Spot Rate provided by the Paying Agent prior to any withdrawal pursuant to Section 4.04(c) --------------- above) the product of (i) the Series 1999-1 Subordinated Percentage and (ii) the amount of funds deposited into the Series 1999-1 Principal Collection Sub- subaccount on such day (other than funds transferred to the Series 1999-1 Principal Collection Sub-subaccount pursuant to Section 4.04(e) below). Upon --------------- termination of the Early Amortization Period, amounts remaining on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount shall be transferred to the Series 1999-1 Principal Collection Sub-subaccount to the extent of the Adjusted Invested Amount and the remainder shall be distributed in accordance with clauses (B) through (E) of Section 4.04(c)(i) above. The ----------- --- ------------------ Trustee shall not distribute any funds from the Series 1999-1 Principal Collection Sub-subaccount and the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Transferor (x) if any Prospective Early Amortization Event has occurred and is continuing or (y) during the Early Amortization Period until the Adjusted Invested Amount has been reduced to zero and all other amounts owing under this Supplement have been paid in fulltransfer.
(eii) On each Business Day (including Payment Dates) during Day, an amount equal to the Early Amortization PeriodSeries 2000-1 Daily Euro Interest Deposit for such day shall be transferred by the Trustee, based solely on the information provided to the Trustee shall transfer by the Master Servicer in the Daily Report (upon which the Trustee may conclusively rely, subject to its obligation to perform the procedures set forth in the Internal Operating Procedures Memorandum), from the relevant Series 2000-1 Non-Principal Concentration Subaccount to the relevant Series 2000-1 Accrued Interest Subaccount in accordance with the Account Currency Priority. Amounts transferred pursuant to sub-clause (b) of the Account Currency Priority and then, to the extent funds on deposit in the Series 19992000-1 U.S. Dollar Non-Principal Collection Subordinated SubSubaccount are not sufficient sub-subaccount to clause (c) of the Series 1999-1 Principal Collection Sub-subaccount an amount equal to Account Currency Priority, shall be converted into Euro at the sum of (i) the product of (A) the Invested Percentage and (B) the excess of (1) the Dilution Factors made and the Unpaid Balance of Ineligible Receivables designated since the prior Business Day minus (2) the amount deposited applicable currency Spot Rate provided by the Transferor in the Series 1999-1 Principal Collection Sub-subaccount in respect of Paying Agent prior to any such Dilution Factors and Ineligible Receivables since the preceding Business Day and (ii) the product of (A) the Invested Percentage and (B) the Unpaid Balance of Receivables in the Trust which became Defaulted Receivables since the preceding Business Day (but in no event greater than the amount on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount)transfer.
(fd) The allocations to be made pursuant to this Section 4.04 3A.03 are subject to ------------ the provisions of Sections 2.04(c)2.05, 2.04(d)2.06, 12.01 7.02 and 12.02 9.01 of this the Agreement. ---------------- ------- ----- -----
Section 4.05 is modified in its entirety to read as follows: ------------.
Appears in 1 contract
Daily Allocations. In accordance with the written ----------------- direction of the Servicer, upon which the Trustee may conclusively rely:
(a) The portion of the Aggregate Daily Collections ----------------- allocated to the Series 19991998-1 Investor Certificates pursuant to this Article IV ---------- III of the Agreement shall be allocated and distributed as set forth in this Article IV III by the ---------- Trustee based solely on the information provided it by the Servicer in the Daily Report (upon which the Trustee may conclusively rely unless otherwise notified by the Control Party).as follows:
(i) On on each Business Day, (x) an amount equal to the Accrued Expense Amount for such day (or, during the Series 1998-1 Revolving Period, such greater amount as the Company may request in writing) shall be transferred by the Trustee from the Series 19991998-1 Collection Subaccount to the Series 1999-1 Non-Principal Collection Sub- subaccount and (y) an amount equal to the Monthly Interest Amount for such day shall be transferred by the Trustee from the Series 19991998-1 Non-Principal Collection Sub-subaccount to the Series 1999-1 Accrued Interest Sub-subaccount.;
(ii) Following following the transfers transfer pursuant to clause (i) above, on each ---------- Business Day any remaining funds on deposit in the Series 19991998-1 Collection Subaccount shall be transferred by the Trustee to the Series 19991998-1 Principal Collection Sub-subaccount.
(i) On each Business Day during the Series 1998-1 Revolving Period (including Payment Distribution Dates), after giving effect to (x) all allocations of Aggregate Daily Collections on such Business Day and (y) any deposit resulting from an Increase, if any, pursuant to subsection 2.4(a) on such Business Day, amounts on deposit in the Series 19991998-1 Principal Collection Sub-subaccount shall be distributed by the Trustee to the Company (but only to the extent that 31 the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on in accordance with directions contained in the Daily Report by Report; provided that such distribution shall be made only if no Early -------- Amortization Event or Potential Early Amortization Event, in each case pursuant to Section 7.1 of the Agreement or subsections (a), (d) (but only with respect to a Servicer Default set forth in subsection 6.1(e) of the Servicing Agreement), (g), (i) or (j) of Section 5.1 of this Supplement has occurred and is continuing and only to the extent that, if after giving effect to such distribution, the Series 1998-1 Target Receivables Amount would not exceed the Series 1998-1 Allocated Receivables Amount; provided further that if the Company -------- ------- or the Servicer, on behalf of the Company, shall have given the Agent irrevocable written notice (effective upon receipt) at least one Business Day prior to such day (or, in the case of any portion of the Series 1998-1 Invested Amount then accruing interest at the Base Rate, notice may be given on such day), the Company or the Servicer may instruct the Trustee in writing (specifying the following order of priority: (Arelated amount) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained withdraw all or a portion of such amounts on deposit in the Series 19991998-1 Principal Collection Sub-subaccount to and apply such withdrawn amounts toward the extent reduction of the Series 19991998-1 Target Receivables Invested Amount exceeds and the Series 19991998-1 Allocated Receivables Amount;(C) to the Series 1999-1 Certificateholders to the extent of any Commitment Fees and Program Fees that were accrued and unpaid as of the previous Payment Date; (D) if CompuCom is not the Servicer, to the payment of all accrued and unpaid Program Costs; (E) to the Agent to the extent of any accrued and unpaid Article IV Costs; and (F) subject to the last sentence of Section 4.04(d), (x) to the Transferor Subordinated Certificate Amount in accordance with Section 2.5 of this Supplement. Amounts distributed to the directions contained Company hereunder shall be deemed to be paid first from Collections received directly by the Servicer and second from Collections received in the Daily Report or (y) at the election of the Transferor by written notice to the Servicer, the Agent and the Trustee, (A) to be retained in the Series 1999-1 Principal Collection Sub-subaccount, an amount specified in such notice (which amount may be distributed at the direction of the Transferor) or (B) to the Series Principal Collection Sub-subaccount of another SeriesLockboxes.
(ii) On each Business Day during the Early Series 1998-1 Amortization Period (including Payment Distribution Dates) (after giving effect to all allocations of Collections on such Business Day and transfers pursuant to Sections 4.04(d) and (e)), ---------------- ---- amounts on deposit funds deposited in the Series 19991998-1 Principal Collection Sub-subaccount shall (but only be invested in Eligible Investments that mature on or prior to the extent that Business Day immediately preceding the Trustee has received a Daily Report which reflects the receipt of the Collections next Funding Period Settlement Date and shall be distributed on such Funding Period Settlement Date in accordance with subsection 3C.6(d). No amounts on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 1999-1998- 1 Principal Collection Sub-subaccount, an amount up to the Series 0000-0 Xxxxxxxxx Invested Amount; and (C) the remainder of such funds subaccount shall be distributed by the Trustee in accordance with clauses (B) ----------- through (E) to the Company or the Holder of Section 4.04(c)(i) above. --- ------------------the Series 1998-1 Subordinated Certificate during the Series 1998-1 Amortization Period.
(dc) On each Business Day during Day, an amount equal to the Early Amortization Period (including Payment Dates), Daily Interest Deposit for such day shall be transferred by the Trustee shall transfer from the Series 19991998-1 Non- Principal Collection Sub-subaccount to the Series 19991998-1 Principal Collection Subordinated Sub-subaccount out of amounts deposited into Accrued Interest Sub- subaccount.
(d) In addition to the foregoing, on the Distribution Date during the Series 19991998-1 Amortization Period following the Settlement Report Date on which (i) the Series 1998-1 Invested Amount has been reduced to an amount which is equal to or less than the Clean-Up Call Amount, (ii) the amount on deposit in the Series 1998-1 Principal Collection Sub-subaccount equals or exceeds the Clean-Up Call Repurchase Price, and (prior to any withdrawal iii) the Company has exercised its clean-up option pursuant to Section 4.04(c) --------------- above) 9.2 of the product of (i) Pooling Agreement to repurchase the Series 19991998-1 Subordinated Percentage and (ii) Certificates, the Trustee may use the amount of funds deposited into on deposit in the Series 1999-1 Principal Collection Sub- subaccount on such day (other than funds transferred to the Series 19991998-1 Principal Collection Sub-subaccount pursuant up to Section 4.04(e) below). Upon --------------- termination the amount of the Early Amortization PeriodClean-Up Call Repurchase Price to pay the Clean-Up Call Repurchase Price in full; provided, amounts remaining however, that no such use may be made of the amount on -------- ------- deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount shall be transferred to the Series 19991998-1 Principal Collection Sub-subaccount unless simultaneously with such use of funds, each Purchaser receives all payments (if any) to the extent which it is entitled under Section 2.8(b) arising out of such payment of the Adjusted Invested Amount and the remainder shall be distributed in accordance with clauses (B) through (E) of Section 4.04(c)(i) aboveClean-Up Call Repurchase Price. The ----------- --- ------------------ Trustee provisions of this paragraph (d) shall not distribute in no event be construed to affect any funds from other financial obligations of any Seller, any Servicing Party or the Series 1999-1 Principal Collection Sub-subaccount and Company under any of the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Transferor (x) if any Prospective Early Amortization Event has occurred and is continuing or (y) during the Early Amortization Period until the Adjusted Invested Amount has been reduced to zero and all other amounts owing under this Supplement have been paid in fullTransaction Documents.
(e) On each Business Day (including Payment Dates) during the Early Amortization Period, the Trustee shall transfer from funds on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Series 1999-1 Principal Collection Sub-subaccount an amount equal to the sum of (i) the product of (A) the Invested Percentage and (B) the excess of (1) the Dilution Factors made and the Unpaid Balance of Ineligible Receivables designated since the prior Business Day minus (2) the amount deposited by the Transferor in the Series 1999-1 Principal Collection Sub-subaccount in respect of such Dilution Factors and Ineligible Receivables since the preceding Business Day and (ii) the product of (A) the Invested Percentage and (B) the Unpaid Balance of Receivables in the Trust which became Defaulted Receivables since the preceding Business Day (but in no event greater than the amount on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount).
(f) The allocations to be made pursuant to this Section 4.04 3C.3 are subject to ------------ the provisions of Sections 2.04(c)2.5, 2.04(d)2.6, 12.01 7.2 and 12.02 9.1 of this the Agreement. ---------------- ------- ----- -----
Section 4.05 is modified in its entirety to read as follows: ------------.
Appears in 1 contract
Daily Allocations. (a) The portion of Collections allocated ----------------- allocated to the Series 1999-1 Investor Certificates pursuant to this Article IV ---------- shall be ---------- allocated and distributed as set forth in this Article IV by the ---------- Trustee based ---------- solely on the information provided it by the Servicer in the Daily Report (upon which the Trustee may conclusively rely unless otherwise notified by the Control Party).
(i) On each Business Day, (x) an amount equal to the Accrued Expense Amount for such day shall be transferred by the Trustee from the Series 1999-1 Collection Subaccount to the Series 1999-1 Non-Principal Collection Sub- subaccount and (y) an amount equal to the Monthly Interest Amount for such day shall be transferred by the Trustee from the Series 1999-1 Non-Principal Collection Sub-subaccount to the Series 1999-1 Accrued Interest Sub-subaccount.
(ii) Following the transfers pursuant to clause (i) above, on each Business ---------- Business Day any remaining funds on deposit in the Series 1999-1 Collection Subaccount shall be transferred by the Trustee to the Series 1999-1 Principal Collection Sub-subaccount.
(i) On each Business Day during the Revolving Period (including Payment Dates), after giving effect to all allocations of Collections on such Business Day, amounts on deposit in the Series 1999-1 Principal Collection Sub-subaccount shall (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 1999-1 Principal Collection Sub-subaccount to the extent the Series 1999-1 Target Receivables Amount exceeds the Series 1999-1 Allocated Receivables Amount;(CAmount; (B) to any Successor Servicer, any Additional Servicing Fee due and arising; (C) to the Series 1999-1 Certificateholders to the extent of any Commitment Fees and Program Fees that were accrued and unpaid as of the previous Payment Date; (D) if CompuCom is not the Servicer, to the payment of all accrued and unpaid Program Costs; (E) to the Agent to the extent of any accrued and unpaid Article IV Costs; and (F) subject to the last sentence of Section 4.04(d), (x) to the --------------- Transferor in accordance with the directions contained in the Daily Report or (y) at the election of the Transferor by written notice to the Servicer, the Agent and the Trustee, (A) to be retained in the Series 1999-1 Principal Collection Sub-subaccount, an amount specified in such notice (which amount may be distributed at the direction of the Transferor) or (B) to the Series Principal Collection Sub-subaccount of another Series.
(ii) On each Business Day during the Early Amortization Period (including Payment Dates) (after giving effect to all allocations of Collections on such Business Day and transfers pursuant to Sections 4.04(d) and (e)), amounts on ---------------- ---- amounts on deposit in the Series 1999-1 Principal Collection Sub-subaccount shall (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 1999-1 Principal Collection Sub-subaccount, an amount up to the Series 00001999-0 Xxxxxxxxx 1 Aggregate Invested Amount; (B) to any Successor Servicer, any Additional Servicing Fee due and arising; and (C) the remainder of such funds shall be distributed by the Trustee in accordance with clauses (B) through ----------- through (E) of Section 4.04(c)(i) above. --- ------------------
(d) On each Business Day during the Early Amortization Period (including Payment Dates), the Trustee shall transfer from the Series 1999-1 Principal Collection Sub-subaccount to the Series 1999-1 Principal Collection Subordinated Sub-subaccount out of amounts deposited into the Series 1999-1 Principal Collection Sub-subaccount (prior to any withdrawal pursuant to Section 4.04(c) --------------- above) the product of (i) the Series 1999-1 Subordinated Percentage and (ii) the amount of funds deposited into the Series 1999-1 Principal Collection Sub- subaccount on such day (other than funds transferred to the Series 1999-1 Principal Collection Sub-subaccount pursuant to Section 4.04(e) below). Upon --------------- termination of the Early Amortization Period, amounts remaining on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount shall be transferred to the Series 1999-1 Principal Collection Sub-subaccount to the extent of the Adjusted Invested Amount and the remainder shall be distributed in accordance with clauses (B) through (E) of Section 4.04(c)(i) above. The Trustee ----------- --- ------------------ Trustee shall not distribute any funds from the Series 1999-1 Principal Collection Sub-Sub- subaccount and the Series 1999-1 Principal Collection Subordinated Sub-Sub- subaccount to the Transferor (x) if any Prospective Early Amortization Event has occurred and is continuing or (y) during the Early Amortization Period until the Adjusted Invested Amount has been reduced to zero and all other amounts owing under this Supplement have been paid in full.
(e) On each Business Day (including Payment Dates) during . Agreement constitutes a valid sale or contribution to the Early Amortization PeriodTransferor of all of the right, title and interest of CompuCom in and to the Trustee shall transfer from funds on deposit Receivables now existing or hereafter created and in the Series 1999-1 Principal Collection Subordinated Sub-subaccount Related Property and all monies due or to become due with respect thereto (other than proceeds (as such term is defined in the Series 1999-1 Principal Collection Sub-subaccount an amount equal to UCC) of returned inventory) and all proceeds (as defined in the sum UCC) of (i) the product of (A) the Invested Percentage and (B) the excess of (1) the Dilution Factors made each Receivable and the Unpaid Balance of Ineligible Receivables designated since the prior Business Day minus (2) the amount deposited by the Transferor in the Series 1999-1 Principal Collection Sub-subaccount in respect of such Dilution Factors and Ineligible Receivables since the preceding Business Day and (ii) the product of (A) the Invested Percentage and (B) the Unpaid Balance of Receivables in the Trust which became Defaulted Receivables since the preceding Business Day (but in no event greater than the amount on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount)Related Property.
(f) The allocations to be made pursuant to this Section 4.04 are subject to ------------ the provisions of Sections 2.04(c), 2.04(d), 12.01 and 12.02 of this Agreement. ---------------- ------- ----- -----
Section 4.05 is modified in its entirety to read as follows: ------------
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Compucom Systems Inc)
Daily Allocations. (a) The portion of the Aggregate Daily Collections ----------------- allocated to the Series 19992001-1 Investor Certificates pursuant to this Article IV ---------- III of the Agreement shall be allocated and distributed as set forth in this Article IV III by the ---------- Trustee based solely on the information provided to it by the Master Servicer in the Daily Report (upon which the Trustee may conclusively rely unless otherwise notified by the Control Partyrely).
(i) On each Business Day, (x) an amount equal to the Accrued excess, if any, of (A) the Monthly Expense Amount for such day specified in the Daily Report (or, during the Series 2001- 1 Revolving Period, such greater amount as the Company may request in writing) over (B) the amount, if any, previously transferred during such Settlement Period to the Series 2001-1 Accrued Interest Sub-subaccount and the Series 2001-1 Non-Principal Collection Sub-subaccount pursuant to this clause (i), shall be transferred by the Trustee from the Series 19992001-1 Collection Subaccount to the Series 1999-1 Non-Principal Collection Sub- subaccount and (y) an amount equal to the Monthly Interest Amount for such day shall be transferred by the Trustee from the Series 19992001-1 Non-Principal Collection Sub-subaccount to the extent attributable to the Series 19992001-1 Monthly Servicing Fee or Program Costs and to the Series 2001-1 Accrued Interest Sub-subaccountsubaccount to the extent attributable to the Series 2001-1 Interest Distributable Amount.
(ii) Following the transfers pursuant to clause (i) above, on each ---------- Business Day any remaining funds on deposit in the Series 19992001-1 Collection Subaccount shall be transferred by the Trustee to the Series 19992001-1 Principal Collection Sub-subaccount.
(i) On each Business Day during the Series 2001-1 Revolving Period (including Payment Distribution Dates), after giving effect to all allocations of Aggregate Daily Collections on such Business Day, amounts on deposit in the Series 19992001-1 Principal Collection Sub-subaccount shall (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on the Daily Report by the Trustee to the Company in accordance with directions contained in such Daily Report; provided that such distributions shall be made only if no Potential Early Amortization Event pursuant to clauses (e) and (k) of Section 5.1 hereof and clauses 7.1(a)(ii) and (iii) of the following order Agreement and no Early Amortization Event has occurred and is continuing and only to the extent that, after giving effect to such distributions, the Series 2001-1 Target Receivables Amount would not exceed the Series
2001-1 Allocated Receivables Amount; provided further that if the Master Servicer shall have given notice to the Trustee of priority: (A) a Reduction and the related Reduction Amount, pursuant to any Successor Servicersubsection 2.6, any Additional Servicing Fee due and arisingthe Trustee shall retain, (B) to be retained until the related Special Distribution Date, aggregate amounts on deposit in the Series 19992001-1 Principal Collection Sub-subaccount equal to the extent Reduction Amount in respect thereof; provided still further that in the event that the amount transferred from the Series 19992001-1 Target Receivables Amount exceeds the Series 1999-1 Allocated Receivables Amount;(C) Collection Subaccount to the Series 19992001-1 Certificateholders Non-Principal Collection Sub-subaccount or Series 2001-1 Accrued Interest Sub-subaccount on such day pursuant to subsection 3.3(b)(i) is less than the extent of any Commitment Fees and Program Fees that were accrued and unpaid as of the previous Payment Date; (D) if CompuCom is not the Serviceramount required to be so transferred, to the payment of all accrued and unpaid Program Costs; (E) to the Agent to the extent of any accrued and unpaid Article IV Costs; and (F) subject to the last sentence of Section 4.04(d), (x) to the Transferor in accordance with the directions contained limitation set forth in the Daily Report or (y) at the election of the Transferor by written notice to the Servicerpreceding proviso, the Agent and the Trustee, (A) to be retained amount on deposit in the Series 19992001-1 Principal Collection Sub-subaccount, an up to the amount specified of such deficiency, shall, net of any unpaid Program Costs (without giving effect to the limitation contained in such notice (which amount may be distributed at the direction proviso of the Transferor) or (B) definition of Program Costs), be transferred to the Series 2001-1 Non-Principal Collection Sub-subaccount of another Seriesor the Series 2001-1 Accrued Interest Sub-subaccount, as the case may be. Amounts distributed to the Company hereunder shall be deemed to be paid first from Collections received directly by the Master Servicer and second from Collections received in the Lockboxes or paid into the Concentration Account.
(ii) On each Business Day during the Early Series 2001-1 Amortization Period (including Payment Distribution Dates) (after giving effect to all allocations of Collections on such Business Day and transfers pursuant to Sections 4.04(d), funds deposited in the Series 2001-1 Principal Collection Sub- subaccount shall be invested in accordance with subsection 3.2(b) and (esuch funds net of interest and investment earnings shall be distributed on the applicable Distribution Date in accordance with subsection 3.6(c). Except as otherwise provided in subsection 3.6(c), ---------------- ---- no amounts on deposit in the Series 19992001-1 Principal Collection Sub-subaccount shall (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 1999-1 Principal Collection Sub-subaccount, an amount up to the Series 0000-0 Xxxxxxxxx Invested Amount; and (C) the remainder of such funds shall be distributed by the Trustee in accordance with clauses (B) ----------- through (E) to the Company or the holder of Section 4.04(c)(i) above. --- ------------------
(d) On each Business Day the Series 2001-1 Subordinated Certificate during the Series 2001-1 Amortization Period. Notwithstanding the foregoing, so long as no Early Amortization Period Event or Potential Early Amortization Event has occurred and is continuing, on any date that the Series 2001- 1 Adjusted Invested Amount has been reduced to zero, as set forth on the applicable Daily Report (including Payment Datesupon which the Trustee may conclusively rely), the Trustee shall transfer from amounts on deposit in the Series 19992001-1 Principal Collection Sub-subaccount to in excess of the Series 19992001-1 Principal Collection Subordinated Sub-subaccount out of amounts deposited into the Series 1999-1 Principal Collection Sub-subaccount (prior to any withdrawal pursuant to Section 4.04(c) --------------- above) the product of (i) the Series 1999-1 Subordinated Percentage and (ii) the amount of funds deposited into the Series 1999-1 Principal Collection Sub- subaccount Invested Amount on such day (other than funds transferred to the Series 1999-1 Principal Collection Sub-subaccount pursuant to Section 4.04(e) below). Upon --------------- termination of the Early Amortization Period, amounts remaining on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount shall may be transferred to the Series 1999-1 Principal Collection Sub-subaccount to the extent of the Adjusted Invested Amount and the remainder shall be distributed in accordance with clauses (B) through (E) of Section 4.04(c)(i) above. The ----------- --- ------------------ Trustee shall not distribute any funds withdrawn from the Series 19992001-1 Principal Collection Sub-subaccount and distributed to or as instructed by the holder of the Series 19992001-1 Principal Collection Subordinated Sub-subaccount Certificate; provided, however, that no such distribution shall be made until all Program Costs are paid, without giving effect to the Transferor (x) if any Prospective Early Amortization Event has occurred and is continuing or (y) during the Early Amortization Period until the Adjusted Invested Amount has been reduced to zero and all other amounts owing under this Supplement have been paid in full.
(e) On each Business Day (including Payment Dates) during the Early Amortization Period, the Trustee shall transfer from funds on deposit limitation contained in the Series 1999-1 Principal Collection Subordinated Sub-subaccount to proviso of the Series 1999-1 Principal Collection Sub-subaccount an amount equal to the sum definition of (i) the product of (A) the Invested Percentage and (B) the excess of (1) the Dilution Factors made and the Unpaid Balance of Ineligible Receivables designated since the prior Business Day minus (2) the amount deposited by the Transferor in the Series 1999-1 Principal Collection Sub-subaccount in respect of such Dilution Factors and Ineligible Receivables since the preceding Business Day and (ii) the product of (A) the Invested Percentage and (B) the Unpaid Balance of Receivables in the Trust which became Defaulted Receivables since the preceding Business Day (but in no event greater than the amount on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount)Program Costs.
(f) The allocations to be made pursuant to this Section 4.04 are subject to ------------ the provisions of Sections 2.04(c), 2.04(d), 12.01 and 12.02 of this Agreement. ---------------- ------- ----- -----
Section 4.05 is modified in its entirety to read as follows: ------------
Appears in 1 contract
Samples: Master Pooling and Servicing Agreement (General Cable Corp /De/)
Daily Allocations. (a) The portion of the Aggregate Daily Collections ----------------- allocated to the Series 19992000-1 Investor Certificates pursuant to this Article IV ---------- III of the Pooling Agreement shall be allocated and distributed as set forth in this Article IV III. The Master Servicer shall determine such allocations in accordance with this Article III and direct the Trustee to make such allocations by delivering the ---------- Daily Report and the Trustee based solely on shall allocate such amounts in accordance with the information provided it by instructions of the Master Servicer in the Daily Report (upon which the Trustee may conclusively rely unless otherwise notified by rely, subject to its obligation to perform the Control Party).procedures set forth in the Internal Operating Procedures Memorandum) as follows:
(i) On each Business Dayfirst, during the Series 2000-1 Amortization Period (xif any) amounts are owed to any Person on account of Servicing Fees incurred in respect of the performance of its responsibilities as Successor Master Servicer, an amount equal to the Accrued Expense product of (a) the amount so owed to such Successor Master Servicer and (b) a fraction, the numerator of which shall be equal to the Series 2000-1 Invested Amount for such day as of the end of the immediately preceding Accrual Period and the denominator of which shall be equal to the Aggregate Invested Amount as of the end of the immediately preceding Accrual Period shall be transferred by the Trustee from the relevant Series 19992000-1 Collection Subaccount Concentration Account to the relevant Series 19992000-1 Non-Principal Collection Sub- subaccount and (y) an amount equal to Concentration Subaccount in accordance with the Monthly Interest Amount for such day shall be transferred by the Trustee from the Series 1999-1 Non-Principal Collection Sub-subaccount to the Series 1999-1 Accrued Interest Sub-subaccount.Account Currency Priority;
(ii) Following second, on each Business Day, following the transfers (if any) pursuant to clause (i) above, an amount equal to the Series 2000-1 Accrued Expense Amount for such day (or, during the Series 2000-1 Revolving Period, such greater amount as the Master Servicer may request in writing) shall be transferred from the relevant Series 2000-1 Concentration Account to the relevant Series 2000-1 Non-Principal Concentration Subaccount in accordance with the Account Currency Priority; provided that:
(A) on the tenth (10th) Business Day of each Accrual Period (and each Business Day thereafter, if necessary, until the full amount of any positive Series 2000-1 Accrued Expense Adjustment is transferred),
(B) on the day of any Series 2000-1 Increase (and each Business Day thereafter, if necessary, until the full amount of any positive Series 2000-1 Accrued Expense Adjustment is transferred),
(C) on the day of any distribution pursuant to Section 2.07, and
(D) on the last Business Day of each Accrual Period, an amount equal to the Series 2000-1 Accrued Expense Adjustment shall, if such adjustment is a positive amount, be transferred from the relevant Series 2000-1 Concentration Account to the relevant Series 2000-1 Non-Principal Concentration Subaccount in accordance with the Account Currency Priority, or if such adjustment is a negative amount, be transferred from the relevant Series 2000-1 Non-Principal Concentration Subaccount to the relevant Series 2000-1 Concentration Account with respect to the same currency (or deducted from the transfer in respect of the Series 2000-1 Accrued Expense Amount for such Business Day);
(iii) third, on each ---------- Business Day (including Distribution Dates), following the transfers pursuant to sub-clauses (i) and (ii) above, any remaining funds on deposit in the Series 19992000-1 Collection Subaccount Concentration Accounts shall be transferred by the Trustee to the relevant Series 19992000-1 Principal Collection Sub-subaccountConcentration Subaccounts with respect to the same currency.
(i) On each Business Day during the Series 2000-1 Revolving Period (including Payment Distribution Dates), after giving effect to (x) all allocations of Aggregate Daily Collections referred to in subparagraphs (a)(i), (a)(ii) and (a)(iii) on such Business Day and (y) any deposit resulting from a Series 2000-1 Increase (if any) pursuant to Section 2.05(d) on such Business Day, amounts on deposit in the Series 19992000-1 Principal Collection Sub-subaccount Concentration Subaccounts shall be distributed by the Trustee not later than 2:30 p.m. London time (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Aggregate Daily Collections on deposit therein) be distributed as indicated on the therein not later than 12:30 p.m. London time, upon which Daily Report by the Trustee may conclusively rely, subject to its obligation to perform the procedures set forth in the following order of priority: Internal Operating Procedures Memorandum),
(A) first, to any Successor Servicer, any Additional Servicing Fee due and arising, distribute to the account designated by the Master Servicer an amount equal to the Outstanding Amount Advanced (if any) from the applicable Series 2000-1 Principal Concentration Subaccount corresponding to the Approved Currency in which the Master Servicer has made the Servicer Advance;
(B) second, to be retained distribute amounts payable with respect to reductions in the Series 19992000-1 Invested Amount and Series 2000-1 Subordinated Interest Amount in accordance with Section 2.07; and
(C) third, any remaining balances in the Series 2000-1 Principal Collection Sub-subaccount Concentration Subaccounts shall be transferred to the extent the Series 1999-1 Target Receivables Amount exceeds the Series 1999-1 Allocated Receivables Amount;(C) to the Series 1999-1 Certificateholders to the extent of any Commitment Fees and Program Fees that were accrued and unpaid as of the previous Payment Date; (D) if CompuCom is not the Servicer, to the payment of all accrued and unpaid Program Costs; (E) to the Agent to the extent of any accrued and unpaid Article IV Costs; and (F) subject to the last sentence of Section 4.04(d), (x) to the Transferor relevant Company Receipts Accounts in accordance with the directions contained in the Daily Report or to such accounts or such Persons as the Master Servicer may direct in writing (ywhich directions may consist of standing instructions provided by the Company that shall remain in effect until changed by the Company in writing);
(1) at the election of the Transferor by written notice to the Servicer, the Agent and the Trustee, distributions under sub-clauses (A) to and (C) shall be retained in made only if no Series 2000-1 Early Amortization Event, or Potential Series 2000-1 Early Amortization Event or has occurred and is continuing; and (2) distributions from the Series 19992000-1 Principal Collection SubConcentration Subaccount for purposes of sub-subaccount, an amount specified clause (C) above and Section 2.07 shall be made in such notice (which amount may be distributed at accordance with the direction of the Transferor) or (B) to the Series Principal Collection Sub-subaccount of another SeriesAccount Currency Priority.
(ii) On each Business Day during the Early Series 2000-1 Amortization Period (including Payment Distribution Dates) (after giving effect ), funds deposited in the Series 2000-1 Principal Concentration Subaccounts shall be invested in Eligible Investments that mature on or prior to all allocations of Collections the Business Day immediately preceding the next Distribution Date and shall be distributed on such Business Day and transfers pursuant to Sections 4.04(d) and (eDistribution Date in accordance with Section 3A.06(c). Except as set forth in Section 3A.06(c), ---------------- ---- no amounts on deposit in the any Series 19992000-1 Principal Collection Sub-subaccount shall (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 1999-1 Principal Collection Sub-subaccount, an amount up to the Series 0000-0 Xxxxxxxxx Invested Amount; and (C) the remainder of such funds Concentration Subaccount shall be distributed by the Trustee to the Company or the owner of the Series 2000-1 Subordinated Interests during the Series 2000-1 Amortization Period; provided that amounts on deposit which represent Collections received on Ineligible Receivables, may be released to the Company subject to payment having been made by the Company in respect of such Ineligible Receivables in accordance with clauses Section 2.05 of the Pooling Agreement and/or (Bas the case may be) ----------- through (E) of Section 4.04(c)(i) above. --- ------------------the Exchangeable Company Interests having been reduced in accordance therewith and the Trustee having received all relevant payments from the Company in connection with the foregoing.
(di) On each Business Day during the Early Amortization Period (including Payment Dates)Day, the Trustee shall transfer from the Series 1999-1 Principal Collection Sub-subaccount to the Series 1999-1 Principal Collection Subordinated Sub-subaccount out of amounts deposited into the Series 1999-1 Principal Collection Sub-subaccount (prior to any withdrawal pursuant to Section 4.04(c) --------------- above) the product of (i) the Series 1999-1 Subordinated Percentage and (ii) the amount of funds deposited into the Series 1999-1 Principal Collection Sub- subaccount on such day (other than funds transferred to the Series 1999-1 Principal Collection Sub-subaccount pursuant to Section 4.04(e) below). Upon --------------- termination of the Early Amortization Period, amounts remaining on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount shall be transferred to the Series 1999-1 Principal Collection Sub-subaccount to the extent of the Adjusted Invested Amount and the remainder shall be distributed in accordance with clauses (B) through (E) of Section 4.04(c)(i) above. The ----------- --- ------------------ Trustee shall not distribute any funds from the Series 1999-1 Principal Collection Sub-subaccount and the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Transferor (x) if any Prospective Early Amortization Event has occurred and is continuing or (y) during the Early Amortization Period until the Adjusted Invested Amount has been reduced to zero and all other amounts owing under this Supplement have been paid in full.
(e) On each Business Day (including Payment Dates) during the Early Amortization Period, the Trustee shall transfer from funds on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Series 1999-1 Principal Collection Sub-subaccount an amount equal to the sum of Series 2000-1 Daily U.S. Dollar Interest Deposit for such day shall be transferred by the Trustee, based solely on the information provided to the Trustee by the Master Servicer in the Daily Report (iupon which the Trustee may conclusively rely, subject to its obligation to perform the procedures set forth in the Internal Operating Procedures Memorandum), from the relevant Series 2000-1 Non-Principal Concentration Subaccount to the relevant Series 2000-1 Accrued Interest Subaccount in accordance with the Account Currency Priority. Amounts transferred pursuant to sub-clauses (b)(1)(ii) the product of (A) the Invested Percentage and (Biii) of the excess of (1) Account Currency Priority shall be converted into U.S. Dollars at the Dilution Factors made and the Unpaid Balance of Ineligible Receivables designated since the prior Business Day minus (2) the amount deposited applicable currency Spot Rate provided by the Transferor in the Series 1999-1 Principal Collection Sub-subaccount in respect of Paying Agent prior to any such Dilution Factors and Ineligible Receivables since the preceding Business Day and transfer.
(ii) On each Business Day, an amount equal to the product of Series 2000-1 Daily Euro Interest Deposit for such day shall be transferred by the Trustee, based solely on the information provided to the Trustee by the Master Servicer in the Daily Report (Aupon which the Trustee may conclusively rely, subject to its obligation to perform the procedures set forth in the Internal Operating Procedures Memorandum), from the relevant Series 2000-1 Non-Principal Concentration Subaccount to the relevant Series 2000-1 Accrued Interest Subaccount in accordance with the Account Currency Priority. Amounts transferred pursuant to sub-clauses (b)(2)(ii) the Invested Percentage and (Biii) of the Unpaid Balance of Receivables in Account Currency Priority shall be converted into Euro at the Trust which became Defaulted Receivables since applicable currency Spot Rate provided by the preceding Business Day (but in no event greater than the amount on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount)Paying Agent prior to any such transfer.
(fiii) On each Business Day, an amount equal to the Series 2000-1 Daily Sterling Interest Deposit for such day shall be transferred by the Trustee, based solely on the information provided to the Trustee by the Master Servicer in the Daily Report (upon which the Trustee may conclusively rely, subject to its obligation to perform the procedures set forth in the Internal Operating Procedures Memorandum), from the relevant Series 2000-1 Non-Principal Concentration Subaccount to the relevant Series 2000-1 Accrued Interest Subaccount in accordance with the Account Currency Priority. Amounts transferred pursuant to sub-clauses (b)(3)(ii) and (iii) of the Account Currency Priority shall be converted into Pounds Sterling at the applicable currency Spot Rate provided by the Paying Agent prior to any such transfer.
(d) The allocations to be made pursuant to this Section 4.04 3A.03 are subject to ------------ the provisions of Sections 2.04(c)2.05, 2.04(d)2.06, 12.01 7.02 and 12.02 9.01 of this the Pooling Agreement. ---------------- ------- ----- -----
Section 4.05 is modified in its entirety to read as follows: ------------.
Appears in 1 contract
Daily Allocations. (a) The portion of Collections ----------------- allocated to the Series 19992000-1 Investor Certificates pursuant to this Article IV ---------- shall be allocated and distributed as set forth in this Article IV by the ---------- Trustee based solely on the information provided it by the Servicer in the Daily Report (upon which the Trustee may conclusively rely unless otherwise notified by the Control Party).
(i) On each Business Day, (x) an amount equal to the Accrued Expense Amount for such day shall be transferred by the Trustee from the Series 19992000-1 Collection Subaccount to the Series 19992000-1 Non-Principal Collection Sub- Sub-subaccount and (y) an amount equal to the Monthly Interest Amount for such day shall be transferred by the Trustee from the Series 19992000-1 Non-Principal Collection Sub-subaccount to the Series 19992000-1 Accrued Interest Sub-subaccount.
(ii) Following the transfers pursuant to clause (i) above, on each ---------- Business Day any remaining funds on deposit in the Series 19992000-1 Collection Subaccount shall be transferred by the Trustee to the Series 19992000-1 Principal Collection Sub-subaccount.
(i) On each Business Day during the Revolving Period (including Payment Dates), after giving effect to all allocations of Collections on such Business Day, amounts on deposit in the Series 19992000-1 Principal Collection Sub-subaccount shall (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 19992000-1 Principal Collection Sub-subaccount to the extent the Series 19992000-1 Target Receivables Amount exceeds the Series 19992000-1 Allocated Receivables Amount;(CAmount; (B) to the Series 1999-1 Certificateholders to the extent of any Commitment Fees Successor Servicer, any Additional Servicing Fee due and Program Fees that were accrued and unpaid as of the previous Payment Datearising; (DC) if CompuCom is not the Servicer, to the payment of all accrued and unpaid Program Costs; (ED) to the Agent Series 2000-1 Certificateholders to the extent of any accrued and unpaid Article IV Costs; and (FE) subject to the last sentence of Section 4.04(d), (x) to the Transferor in accordance with the directions contained in the Daily Report or (y) at the election of the Transferor by written notice to the Servicer, the Agent Servicer and the Trustee, (A) to be retained in the Series 19992000-1 Principal Collection Sub-subaccount, an amount specified in such notice (which amount may be distributed at the direction of the Transferor) or (B) to the Series 2000-1 Principal Collection Sub-subaccount of another SeriesSeries 2000-1.
(ii) On each Business Day during the Early Amortization Period (including Payment Dates) (after giving effect to all allocations of Collections on such Business Day and transfers pursuant to Sections 4.04(d) and (e)), ---------------- ---- amounts on deposit in the Series 19992000-1 Principal Collection Sub-subaccount shall (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 19992000-1 Principal Collection Sub-subaccount, an amount up to the Series 0000-0 Xxxxxxxxx Invested Amount; (B) to any Successor Servicer, any Additional Servicing Fee due and arising; and (C) the remainder of such funds shall be distributed by the Trustee in accordance with clauses (BC) ----------- through (E) of Section 4.04(c)(i) above. --- ------------------.
(d) On each Business Day during the Early Amortization Period (including Payment Dates), the Trustee shall transfer from the Series 19992000-1 Principal Collection Sub-subaccount to the Series 19992000-1 Principal Collection Subordinated Sub-subaccount out of amounts deposited into the Series 19992000-1 Principal Collection Sub-subaccount (prior to any withdrawal pursuant to Section 4.04(c) --------------- above) the product of (i) the Series 19992000-1 Subordinated Percentage and (ii) the amount of funds deposited into the Series 19992000-1 Principal Collection Sub- Sub-subaccount on such day (other than funds transferred to the Series 19992000-1 Principal Collection Sub-subaccount pursuant to Section 4.04(e) below). Upon --------------- termination of the Early Amortization Period, amounts remaining on deposit in the Series 19992000-1 Principal Collection Subordinated Sub-subaccount shall be transferred to the Series 19992000-1 Principal Collection Sub-subaccount to the extent of the Adjusted Invested Amount and the remainder shall be distributed in accordance with clauses (B) through (E) of Section 4.04(c)(i) above. The ----------- --- ------------------ Trustee shall not distribute any funds from the Series 19992000-1 Principal Collection Sub-subaccount and the Series 19992000-1 Principal Collection Subordinated Sub-subaccount to the Transferor (x) if any Prospective Early Amortization Event has occurred and is continuing or (y) during the Early Amortization Period until the Adjusted Invested Amount has been reduced to zero and all other amounts owing under this Supplement have been paid in full.
(e) On each Business Day (including Payment Dates) during the Early Amortization Period, the Trustee shall transfer from funds on deposit in the Series 19992000-1 Principal Collection Subordinated Sub-subaccount to the Series 19992000-1 Principal Collection Sub-subaccount an amount equal to the sum of (i) the product of (A) the Invested Percentage and (B) the excess of (1) the Dilution Factors made and the Unpaid Balance of Ineligible Receivables designated since the prior Business Day minus (2) the amount deposited by the Transferor in the Series 19992000-1 Principal Collection Sub-subaccount in respect of such Dilution Factors and Ineligible Receivables since the preceding Business Day and (ii) the product of (A) the Invested Percentage and (B) the Unpaid Balance of Receivables in the Trust which became Defaulted Receivables since the preceding Business Day (but in no event greater than the amount on deposit in the Series 19992000-1 Principal Collection Subordinated Sub-subaccount).
(f) The allocations to be made pursuant to this Section 4.04 are subject to ------------ the provisions of Sections 2.04(c), 2.04(d), 12.01 and 12.02 of this Agreement. ---------------- ------- ----- -----
Section 4.05 is modified in its entirety to read as follows: ------------.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Compucom Systems Inc)
Daily Allocations. In accordance with the written direction of the Servicer, upon which the Trustee may conclusively rely:
(a) The portion of the Aggregate Daily Collections ----------------- allocated to the Series 1999-1 Investor Term Certificates pursuant to this Article IV ---------- III of the Agreement shall be allocated and distributed on each Business Day as set forth in this Article IV III by the ---------- Trustee based solely on the information provided it by the Servicer in the Daily Report (upon which the Trustee may conclusively rely unless otherwise notified by the Control Party).as follows:
(i) On each Business Day, (x) an amount equal to the Accrued Expense Amount for such day (or, during the Series 1998-1 Revolving Period, such greater amount as the Company may request in writing) shall be transferred by the Trustee from the Series 19991998-1 Collection Subaccount to the Series 19991998-1 Non-Principal Collection Sub- subaccount and (y) an amount equal to the Monthly Interest Amount for such day shall be transferred by the Trustee from the Series 1999-1 Non-Principal Collection Sub-subaccount to the Series 1999-1 Accrued Interest Sub-subaccount.;
(ii) Following the transfers pursuant to clause (i) above, on each ---------- Business Day any remaining funds on deposit in the Series 19991998-1 Collection Subaccount shall be transferred by the Trustee to the Series 19991998-1 Principal Collection Sub-subaccount.
(i) On each Business Day during the Series 1998-1 Revolving Period (including Payment Distribution Dates), after giving effect to all allocations of Aggregate Daily Collections on such Business Day, amounts on deposit in the Series 19991998-1 Principal Collection Sub-subaccount shall be distributed by the Trustee to the Company (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) not later than 2:00 p.m., New York City time, in accordance with directions contained in such Daily Report; PROVIDED that such distribution shall be distributed as indicated made only if no Potential Early Amortization Event or Early Amortization Event, in each case pursuant to Section 7.1 of the Agreement or subsections (a), (d) (but only with respect to a Servicer Default set forth in subsection 6.1(e) of the Servicing Agreement), (g), (i) or (j) of Section 5.1 of this Supplement, has occurred and is continuing and only to the extent that, after giving effect to such distribution, the Series 1998-1 Target Receivables Amount would not exceed the Series 1998-1 Allocated Receivables Amount; PROVIDED FURTHER that if the Company or the Servicer, on behalf of the Daily Report by Company, shall have given a notice of a Reduction and the related Reduction Amount to the Trustee in and the following order of priority: Servicer pursuant to subsection 2.6(a) (A) to any Successor Servicerand the Trustee shall have received such notice), any Additional Servicing Fee due and arisingthe Trustee shall retain, (B) to be retained until the related Special Distribution Date, aggregate amounts on deposit in the Series 19991998-1 Principal Collection Sub-subaccount equal to the extent sum of the Reduction Amount in respect thereof; PROVIDED STILL FURTHER that in the event that an amount less than the Accrued Expense Amount for such day was transferred from the Series 19991998-1 Target Receivables Amount exceeds the Series 1999-1 Allocated Receivables Amount;(C) Collection Subaccount to the Series 19991998-1 Certificateholders Non-Principal Collection Sub-subaccount on such day pursuant to the extent of any Commitment Fees and Program Fees that were accrued and unpaid as of the previous Payment Date; (D) if CompuCom is not the Servicer, to the payment of all accrued and unpaid Program Costs; (E) to the Agent to the extent of any accrued and unpaid Article IV Costs; and (F) subject to the last sentence of Section 4.04(dsubsection 3A.3(a)(i), (x) to the Transferor in accordance with the directions contained in the Daily Report or (y) at the election of the Transferor by written notice to the Servicer, the Agent and the Trustee, (A) to be retained amount on deposit in the Series 19991998-1 Principal Collection Sub-subaccount, an up to the amount specified in of such notice (which amount may deficiency, shall be distributed at the direction of the Transferor) or (B) transferred to the Series 1998-1 Non-Principal Collection Sub-subaccount of another Seriessubaccount. Amounts distributed to the Company hereunder shall be deemed to be paid first from Collections received directly by the Servicer and second from Collections received in the Lockboxes.
(ii) On each Business Day during the Early Series 1998-1 Amortization Period (including Payment Distribution Dates) (after giving effect to all allocations of Collections on such Business Day and transfers pursuant to Sections 4.04(d) and (e)), ---------------- ---- amounts on deposit funds deposited in the Series 19991998-1 Principal Collection Sub-subaccount shall (but only be invested in Eligible Investments that mature on or prior to the extent that Business Day immediately preceding the Trustee has received a Daily Report which reflects the receipt of the Collections next Distribution Date and shall be distributed on such Distribution Date in accordance with subsection 3A.6(c). No amounts on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 19991998-1 Principal Collection Sub-subaccount, an amount up to the Series 0000-0 Xxxxxxxxx Invested Amount; and (C) the remainder of such funds subaccount shall be distributed by the Trustee in accordance with clauses (B) ----------- through (E) to the Company or the owner of Section 4.04(c)(i) above. --- ------------------the Series 1998-1 Subordinated Interest during the Series 1998-1 Amortization Period.
(dc) On each Business Day during Day, an amount equal to the Early Amortization Period (including Payment Dates), Series 1998-1 Daily Interest Expense for such day shall be transferred by the Trustee shall transfer from the Series 19991998-1 Non-Principal Collection Sub-subaccount to the Series 19991998-1 Principal Collection Subordinated Accrued Interest Sub-subaccount out of amounts deposited into the Series 1999-1 Principal Collection Sub-subaccount (prior to any withdrawal pursuant to Section 4.04(c) --------------- above) the product of (i) the Series 1999-1 Subordinated Percentage and (ii) the amount of funds deposited into the Series 1999-1 Principal Collection Sub- subaccount on such day (other than funds transferred to the Series 1999-1 Principal Collection Sub-subaccount pursuant to Section 4.04(e) below). Upon --------------- termination of the Early Amortization Period, amounts remaining on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount shall be transferred to the Series 1999-1 Principal Collection Sub-subaccount to the extent of the Adjusted Invested Amount and the remainder shall be distributed in accordance with clauses (B) through (E) of Section 4.04(c)(i) above. The ----------- --- ------------------ Trustee shall not distribute any funds from the Series 1999-1 Principal Collection Sub-subaccount and the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Transferor (x) if any Prospective Early Amortization Event has occurred and is continuing or (y) during the Early Amortization Period until the Adjusted Invested Amount has been reduced to zero and all other amounts owing under this Supplement have been paid in fullsubaccount.
(e) On each Business Day (including Payment Dates) during the Early Amortization Period, the Trustee shall transfer from funds on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Series 1999-1 Principal Collection Sub-subaccount an amount equal to the sum of (i) the product of (A) the Invested Percentage and (B) the excess of (1) the Dilution Factors made and the Unpaid Balance of Ineligible Receivables designated since the prior Business Day minus (2) the amount deposited by the Transferor in the Series 1999-1 Principal Collection Sub-subaccount in respect of such Dilution Factors and Ineligible Receivables since the preceding Business Day and (ii) the product of (A) the Invested Percentage and (B) the Unpaid Balance of Receivables in the Trust which became Defaulted Receivables since the preceding Business Day (but in no event greater than the amount on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount).
(fd) The allocations to be made pursuant to this Section 4.04 3A.3 are subject to ------------ the provisions of Sections 2.04(c)2.5, 2.04(d)2.6, 12.01 7.2 and 12.02 9.1 of this the Agreement. ---------------- ------- ----- -----
Section 4.05 is modified in its entirety to read as follows: ------------.
Appears in 1 contract
Daily Allocations. In accordance with the written direction of the Servicer, upon which the Trustee may conclusively rely:
(a) The portion of the Aggregate Daily Collections ----------------- allocated to the Series 19991998-1 Investor Certificates 2 Interests pursuant to this Article IV ---------- III of the Agreement shall be allocated and distributed on each Business Day as set forth in this Article IV III by the ---------- Trustee based solely on the information provided it by the Servicer in the Daily Report (upon which the Trustee may conclusively rely unless otherwise notified by the Control Party).as follows:
(i) On on each Business Day, (x) an amount equal to the Accrued Expense Amount for such day (or, during the Series 1998-2 Revolving Period, such greater amount as the Company may request in writing) shall be transferred by the Trustee from the Series 19991998-1 2 Collection Subaccount to the Series 19991998-1 Non-Principal Collection Sub- subaccount and (y) an amount equal to the Monthly Interest Amount for such day shall be transferred by the Trustee from the Series 1999-1 2 Non-Principal Collection Sub-subaccount to the Series 1999-1 Accrued Interest Sub-subaccount.;
(ii) Following the transfers pursuant to clause (i) above, on each ---------- Business Day any remaining funds on deposit in the Series 19991998-1 2 Collection Subaccount shall be transferred by the Trustee to the Series 19991998-1 2 Principal Collection Sub-subaccount.
(i) On each Business Day during the Series 1998-2 Revolving Period (including Payment Distribution Dates), after giving effect to (x) all allocations of Aggregate Daily Collections on such Business Day and (y) any deposit resulting from an Increase, if any, pursuant to subsection 2.5(c) on such Business Day, amounts on deposit in the Series 19991998-1 2 Principal Collection Sub-subaccount shall be distributed by the Trustee to the Company (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on not later than 2:00 p.m., New York City time, in accordance with directions contained in the Daily Report by Report; PROVIDED that such distribution shall be made only if no Early Amortization Event or Potential Early Amortization Event relating to an Early Amortization Event set forth in subsections (a), (d) (but only with respect to a Servicer Default set forth in subsection 6.1(e) of the Servicing Agreement), (g), (i) or (j) of
Section 5.1 of this Supplement has occurred and is continuing and only to the extent that, if after giving effect to such distribution, the Series 1998-2 Target Receivables Amount would not exceed the Series 1998-2 Allocated Receivables Amount; PROVIDED FURTHER that if the Company or the Servicer, on behalf of the Company, shall have given the Funding Agent irrevocable written notice (effective upon receipt) at least two Business Days prior to such day, in the case of any notice given prior to the APA Bank Purchase Date, on such day, in the case of any notice given on or after the APA Bank Purchase Date with respect to the Floating Tranche, or at least three Business Days prior to such day, in the case of any notice given on or after the APA Bank Purchase Date with respect to the Eurodollar Tranche, the Company or the Servicer may instruct the Trustee in writing (specifying the following order of priority: (Arelated amount) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained withdraw all or a portion of such amounts on deposit in the Series 19991998-1 2 Principal Collection Sub-subaccount to and apply such withdrawn amounts toward the extent reduction of the Series 19991998-1 Target Receivables 2 Invested Amount exceeds and the Series 19991998-1 Allocated Receivables Amount;(C) to the Series 1999-1 Certificateholders to the extent of any Commitment Fees and Program Fees that were accrued and unpaid as of the previous Payment Date; (D) if CompuCom is not the Servicer, to the payment of all accrued and unpaid Program Costs; (E) to the Agent to the extent of any accrued and unpaid Article IV Costs; and (F) subject to the last sentence of Section 4.04(d), (x) to the Transferor 2 Subordinated Interest Amount in accordance with Section 2.6. Amounts distributed to the directions contained Company hereunder shall be deemed to be paid first from Collections received directly by the Servicer and second from Collections received in the Daily Report or (y) at the election of the Transferor by written notice to the Servicer, the Agent and the Trustee, (A) to be retained in the Series 1999-1 Principal Collection Sub-subaccount, an amount specified in such notice (which amount may be distributed at the direction of the Transferor) or (B) to the Series Principal Collection Sub-subaccount of another SeriesLockboxes.
(ii) On each Business Day during the Early Series 1998-2 Amortization Period (including Payment Distribution Dates) (after giving effect ), funds deposited in the Series 1998-2 Principal Collection Sub-subaccount shall be invested in Eligible Investments that mature on or prior to all allocations of Collections the Business Day immediately preceding the next Distribution Date and shall be distributed on such Business Day and transfers pursuant to Sections 4.04(d) and (eDistribution Date in accordance with subsection 3A.6(c). Except as set forth in subsection 3A.6(c), ---------------- ---- no amounts on deposit in the Series 19991998-1 2 Principal Collection Sub-subaccount shall (but only to the extent that the Trustee has received a Daily Report which reflects the receipt of the Collections on deposit therein) be distributed as indicated on the Daily Report by the Trustee in the following order of priority: (A) to any Successor Servicer, any Additional Servicing Fee due and arising, (B) to be retained in the Series 1999-1 Principal Collection Sub-subaccount, an amount up to the Series 0000-0 Xxxxxxxxx Invested Amount; and (C) the remainder of such funds shall be distributed by the Trustee in accordance with clauses (B) ----------- through (E) to the Company or the owner of Section 4.04(c)(i) above. --- ------------------the Series 1998-2 Subordinated Interest during the Series 1998-2 Amortization Period.
(dc) On each Business Day during Day, an amount equal to the Early Amortization Period (including Payment Dates), Daily Interest Deposit for such day shall be transferred by the Trustee shall transfer from the Series 19991998-1 2 Non-Principal Collection Sub-subaccount to the Series 19991998-1 Principal Collection Subordinated 2 Accrued Interest Sub-subaccount out of amounts deposited into the Series 1999-1 Principal Collection Sub-subaccount (prior to any withdrawal pursuant to Section 4.04(c) --------------- above) the product of (i) the Series 1999-1 Subordinated Percentage and (ii) the amount of funds deposited into the Series 1999-1 Principal Collection Sub- subaccount on such day (other than funds transferred to the Series 1999-1 Principal Collection Sub-subaccount pursuant to Section 4.04(e) below). Upon --------------- termination of the Early Amortization Period, amounts remaining on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount shall be transferred to the Series 1999-1 Principal Collection Sub-subaccount to the extent of the Adjusted Invested Amount and the remainder shall be distributed in accordance with clauses (B) through (E) of Section 4.04(c)(i) above. The ----------- --- ------------------ Trustee shall not distribute any funds from the Series 1999-1 Principal Collection Sub-subaccount and the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Transferor (x) if any Prospective Early Amortization Event has occurred and is continuing or (y) during the Early Amortization Period until the Adjusted Invested Amount has been reduced to zero and all other amounts owing under this Supplement have been paid in fullsubaccount.
(e) On each Business Day (including Payment Dates) during the Early Amortization Period, the Trustee shall transfer from funds on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount to the Series 1999-1 Principal Collection Sub-subaccount an amount equal to the sum of (i) the product of (A) the Invested Percentage and (B) the excess of (1) the Dilution Factors made and the Unpaid Balance of Ineligible Receivables designated since the prior Business Day minus (2) the amount deposited by the Transferor in the Series 1999-1 Principal Collection Sub-subaccount in respect of such Dilution Factors and Ineligible Receivables since the preceding Business Day and (ii) the product of (A) the Invested Percentage and (B) the Unpaid Balance of Receivables in the Trust which became Defaulted Receivables since the preceding Business Day (but in no event greater than the amount on deposit in the Series 1999-1 Principal Collection Subordinated Sub-subaccount).
(fd) The allocations to be made pursuant to this Section 4.04 3A.3 are subject to ------------ the provisions of Sections 2.04(c)2.5, 2.04(d)2.7, 12.01 7.2 and 12.02 9.1 of this the Agreement. ---------------- ------- ----- -----
Section 4.05 is modified in its entirety to read as follows: ------------.
Appears in 1 contract
