Common use of Defaulted Amounts; Charge-Offs Clause in Contracts

Defaulted Amounts; Charge-Offs. (a) If, on any ------------------------------- Distribution Date, the Class D Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections available to fund the Class D Defaulted Amount pursuant to Section 4.05(a)(xiv) on such Distribution Date, then the Class D Invested Amount shall be reduced by the amount of such excess; provided, however, that the Class D Invested Amount shall not be reduced -------- ------- below zero. Such reductions shall thereafter be reimbursed and the Class D Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed reductions) on any Distribution Date by the amount of Available Finance Charge Collections allocated and available for that purpose pursuant to 4.05(a)(xv). (b) On each Determination Date, the Servicer shall calculate the Class A Defaulted Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class A Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections and Reallocated Principal Collections applied thereto on such Distribution Date, the Class D Invested Amount (after giving effect to reductions in the Class D Invested Amount on such Distribution Date (i) pursuant to Sections 4.05(b), (c) and (d) in respect of the application of Reallocated Principal Collections and (ii) pursuant to Section 4.06(a) in respect of the amount by which the Class D Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Class D Defaulted Amount) shall be reduced by the amount of such excess. In the event that such reduction would cause the Class D Invested Amount to be reduced below zero, the Class D Invested Amount shall be reduced to zero and the Collateral Invested Amount (after giving effect to reductions in the Collateral Invested Amount on such Distribution Date (i) pursuant to Section 4.05(c) and (d) in respect of the application of Reallocated Collateral Principal Collections and Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(d) in respect of the amount by which the Collateral Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Collateral Defaulted Amount) shall be reduced by the amount by which the Class D Invested Amount would have been reduced below zero. In the event that such reduction would cause the Collateral Invested Amount to be reduced below zero, the Collateral Invested Amount shall be reduced to zero and the Class B Invested Amount (after giving effect to reductions in the Class B Invested Amount on such Distribution Date (i) pursuant to Section 4.05(d) in respect of the application of Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(c) in respect

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Providian National Bank /New/)

AutoNDA by SimpleDocs

Defaulted Amounts; Charge-Offs. (a) If, on any ------------------------------- Distribution Date, the Class D Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections available to fund the Class D Defaulted Amount pursuant to Section 4.05(a)(xiv) on such Distribution Date, then the Class D Invested Amount shall be reduced by the amount of such excess; provided, however, that the Class D Invested Amount shall not be reduced -------- ------- below zero. Such reductions shall thereafter be reimbursed and the Class D Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed reductions) on any Distribution Date by the amount of Available Finance Charge Collections allocated and available for that purpose pursuant to 4.05(a)(xv). (b) On each Determination Date, the Servicer shall calculate the Class A Defaulted Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class A Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections and Reallocated Principal Collections applied thereto on such Distribution Date, the Class D Invested Amount (after giving effect to reductions in the Class D Invested Amount on such Distribution Date (i) pursuant to Sections 4.05(b), (c) and (d) in respect of the application of Reallocated Principal Collections and (ii) pursuant to Section 4.06(a) in respect of the amount by which the Class D Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Class D Defaulted Amount) shall be reduced by the amount of such excess. In the event that such reduction would cause the Class D Invested Amount to be reduced below zero, the Class D Invested Amount shall be reduced to zero and the Collateral Invested Amount (after giving effect to reductions in the Collateral Invested Amount on such Distribution Date (i) pursuant to Section 4.05(c) and (d) in respect of the application of Reallocated Collateral Principal Collections and Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(d) in respect of the amount by which the Collateral Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Collateral Defaulted Amount) shall be reduced by the amount by which the Class D Invested Amount would have been reduced below zero. In the event that such reduction would cause the Collateral Invested Amount to be reduced below zero, the Collateral Invested Amount shall be reduced to zero and the Class B Invested Amount (after giving effect to reductions in the Class B Invested Amount on such Distribution Date (i) pursuant to Section 4.05(d) in respect of the application of Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(c) in respect

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Providian Master Trust)

Defaulted Amounts; Charge-Offs. (a) If, on any ------------------------------- Distribution Date, the Class D Collateral Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections available to fund the Class D Collateral Defaulted Amount pursuant to Section 4.05(a)(xiv4.05(a)(x) on such Distribution Date, then the Class D Collateral Invested Amount shall be reduced by the amount of such excess; provided, however, that the Class D Collateral Invested Amount shall not be reduced -------- ------- below zero. Such reductions shall thereafter be reimbursed and the Class D Collateral Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed reductions) on any Distribution Date by the amount of Available Finance Charge Collections allocated and available for that purpose pursuant to 4.05(a)(xv4.05(a)(xii). (b) On each Determination Date, the Servicer shall calculate the Class A Defaulted Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class A Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections Collections, the Available Cash Collateral Amount and Reallocated Principal Collections applied thereto on such Distribution Date, the Class D Invested Amount (after giving effect to reductions in the Class D Invested Amount on such Distribution Date (i) pursuant to Sections 4.05(b), (c) and (d) in respect of the application of Reallocated Principal Collections and (ii) pursuant to Section 4.06(a) in respect of the amount by which the Class D Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Class D Defaulted Amount) shall be reduced by the amount of such excess. In the event that such reduction would cause the Class D Invested Amount to be reduced below zero, the Class D Invested Amount shall be reduced to zero and the Collateral Invested Amount (after giving effect to reductions in the Collateral Invested Amount on such Distribution Date (i) pursuant to Section 4.05(cSections 4.05(b) and (dc) in respect of the application of Reallocated Collateral Principal Collections and Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(d4.06(a) in respect of the amount by which the Collateral Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Collateral Defaulted Amount) shall be reduced by the amount by which the Class D Invested Amount would have been reduced below zeroof such excess. In the event that such reduction would cause the Collateral Invested Amount to be reduced below zero, the Collateral Invested Amount shall be reduced to zero and the Class B Invested Amount (after giving effect to reductions in the Class B Invested Amount on such Distribution Date (i) pursuant to Section 4.05(d4.05(c) in respect of the application of Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(c) in respectrespect of the amount by which the Class B Defaulted Amount exceeded the amount of Available Finance Charge Collections, the Available Cash Collateral Amount and Reallocated Collateral Principal Collections available to fund the Class B Defaulted Amount) shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero. In the event that such reduction would cause the Class B Invested Amount to be reduced below zero, the Class B Invested Amount shall be reduced to zero and the Class A Invested Amount shall be reduced by the amount by which the Class B Invested Amount would have been reduced below zero (a "Class A Charge-Off"). Class A Charge-Offs shall thereafter be reimbursed and the Class A Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed Class A Charge-Offs) on any Distribution Date by the amount of Available Finance Charge Collections allocated and available for that purpose pursuant to Section 4.05(a)(v).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Providian National Bank)

Defaulted Amounts; Charge-Offs. (a) If, on any ------------------------------- Distribution Date, the Class D Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections available to fund the Class D Defaulted Amount pursuant to Section 4.05(a)(xiv) on such Distribution Date, then the Class D Invested Amount shall be reduced by the amount of such excess; provided, however, that the Class D Invested Amount shall not be reduced -------- ------- below zero. Such reductions shall thereafter be reimbursed and the Class D Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed reductions) on any Distribution Date by the amount of Available Finance Charge Collections allocated and available for that purpose pursuant to 4.05(a)(xv). (b) On each Determination Date, the Servicer shall calculate the Class A Defaulted Default Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class A Defaulted Required Amount for the related Monthly Period exceeds the sum of (x) the amount of Available Redirected Principal Collections allocated to Series 1998-3 with respect to such Monthly Period and (y) the amount of Excess Spread and the Excess Finance Charge Collections and Reallocated Principal Collections applied thereto on allocable to Series 1998-3 with respect to such Distribution DateMonthly Period, then the Class D Invested Amount (after giving effect to any reductions in the Class D Invested Amount for any Redirected Principal Collections pursuant to Section 4.8 on such Distribution Date (i) pursuant to Sections 4.05(b), (c) and (d) in respect of the application of Reallocated Principal Collections and (ii) pursuant to Section 4.06(a) in respect of the amount by which the Class D Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Class D Defaulted AmountDate) shall be reduced by the amount of such excess, but not by more than the Class A Default Amount for such Distribution Date. In the event that such reduction would cause the Class D Invested Amount to be reduced below zeroa negative number, the Class D Invested Amount shall will be reduced to zero and the Collateral Invested Amount (after giving effect to reductions in for any Redirected Principal Collections pursuant to Section 4.8 for which the Collateral Class D Invested Amount was not reduced on such Distribution Date (i) pursuant to Section 4.05(c) and (d) in respect of the application of Reallocated Collateral Principal Collections and Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(d) in respect of the amount by which the Collateral Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Collateral Defaulted AmountDate) shall be reduced by the amount by which the Class D Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Default Amount for such Distribution Date over the amount of the reduction, if any, of the Class D Invested Amount in respect of the Class A Default Amount on such Distribution Date. In the event that such reduction would cause the Collateral Invested Amount to be reduced below zeroa negative number, the Collateral Invested Amount shall will be reduced to zero and the Class B Invested Amount (after giving effect to reductions for any Redirected Principal Collections pursuant to Section 4.8 for which the Collateral Invested Amount was not reduced on such Distribution Date) shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Default Amount for such Distribution Date over the amount of the reductions, if any, of the Collateral Invested Amount and the Class D Invested Amount in respect of the Class A Default Amount on such Distribution Date). In the event that such reduction would cause the Class B Invested Amount on to be a negative number, the Class B Invested Amount shall be reduced to zero, and the Class A Invested Amount shall be reduced by the amount by which the Class B Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Default Amount for such Distribution Date over the aggregate amount of the reductions, if any, of the Class D Invested Amount, the Collateral Invested Amount and the Class B Invested Amount in respect of the Class A Default Amount for such Distribution Date (ia "Class A Charge-Off"). Class A Charge-Offs shall thereafter be reimbursed and the Class A Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed Class A Charge-Offs) on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and available for that purpose pursuant to Section 4.05(d) in respect of the application of Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(c) in respectsubsection 4.7(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Partners First Credit Card Master Trust)

Defaulted Amounts; Charge-Offs. (a) If, on any ------------------------------- Distribution Date, the Class D Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections available to fund the Class D Defaulted Amount pursuant to Section 4.05(a)(xiv) on such Distribution Date, then the Class D Invested Amount shall be reduced by the amount of such excess; provided, however, that the Class D Invested Amount shall not be reduced -------- ------- below zero. Such reductions shall thereafter be reimbursed and the Class D Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed reductions) on any Distribution Date by the amount of Available Finance Charge Collections allocated and available for that purpose pursuant to 4.05(a)(xv). (b) On each Determination Date, the Servicer shall calculate the Class A Defaulted Default Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class A Defaulted Required Amount for the related Monthly Period exceeds the sum of (x) the amount of Available Redirected Principal Collections allocated to Series 1998-2 with respect to such Monthly Period and (y) the amount of Excess Spread and the Excess Finance Charge Collections and Reallocated Principal Collections applied thereto on allocable to Series 1998-2 with respect to such Distribution DateMonthly Period, then the Class D Invested Amount (after giving effect to any reductions in the Class D Invested Amount for any Redirected Principal Collections pursuant to Section 4.8 on such Distribution Date (i) pursuant to Sections 4.05(b), (c) and (d) in respect of the application of Reallocated Principal Collections and (ii) pursuant to Section 4.06(a) in respect of the amount by which the Class D Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Class D Defaulted AmountDate) shall be reduced by the amount of such excess, but not by more than the Class A Default Amount for such Distribution Date. In the event that such reduction would cause the Class D Invested Amount to be reduced below zeroa negative number, the Class D Invested Amount shall will be reduced to zero and the Collateral Invested Amount (after giving effect to reductions in for any Redirected Principal Collections pursuant to Section 4.8 for which the Collateral Class D Invested Amount was not reduced on such Distribution Date (i) pursuant to Section 4.05(c) and (d) in respect of the application of Reallocated Collateral Principal Collections and Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(d) in respect of the amount by which the Collateral Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Collateral Defaulted AmountDate) shall be reduced by the amount by which the Class D Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Default Amount for such Distribution Date over the amount of the reduction, if any, of the Class D Invested Amount in respect of the Class A Default Amount on such Distribution Date. In the event that such reduction would cause the Collateral Invested Amount to be reduced below zeroa negative number, the Collateral Invested Amount shall will be reduced to zero and the Class B Invested Amount (after giving effect to reductions for any Redirected Principal Collections pursuant to Section 4.8 for which the Collateral Invested Amount was not reduced on such Distribution Date) shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Default Amount for such Distribution Date over the amount of the reductions, if any, of the Collateral Invested Amount and the Class D Invested Amount in respect of the Class A Default Amount on such Distribution Date). In the event that such reduction would cause the Class B Invested Amount on to be a negative number, the Class B Invested Amount shall be reduced to zero, and the Class A Invested Amount shall be reduced by the amount by which the Class B Invested Amount would have been reduced below zero, but not by more than the excess, if any, of the Class A Default Amount for such Distribution Date over the aggregate amount of the reductions, if any, of the Class D Invested Amount, the Collateral Invested Amount and the Class B Invested Amount in respect of the Class A Default Amount for such Distribution Date (ia "Class A Charge-Off"). Class A Charge-Offs shall thereafter be reimbursed and the Class A Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed Class A Charge-Offs) on any Distribution Date by the amount of Excess Spread and Excess Finance Charge Collections allocated and available for that purpose pursuant to Section 4.05(d) in respect of the application of Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(c) in respectsubsection 4.7(b).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Partners First Credit Card Master Trust)

AutoNDA by SimpleDocs

Defaulted Amounts; Charge-Offs. (a) If, on any ------------------------------- Distribution Date, the Class D Collateral Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections available to fund the Class D Collateral Defaulted Amount pursuant to Section 4.05(a)(xiv4.05(a)(x) on such Distribution Date, then the Class D Collateral Invested Amount shall be reduced by the amount of such excess; provided, however, that the Class D Collateral Invested Amount shall not be reduced -------- ------- below zero. Such reductions shall thereafter be reimbursed and the Class D Collateral Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed reductions) on any Distribution Date by the amount of Available Finance Charge Collections allocated and available for that purpose pursuant to 4.05(a)(xv4.05(a)(xii). (b) On each Determination Date, the Servicer shall calculate the Class A Defaulted Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class A Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections Collections, the Available Cash Collateral Amount and Reallocated Principal Collections applied thereto on such Distribution Date, the Class D Invested Amount (after giving effect to reductions in the Class D Invested Amount on such Distribution Date (i) pursuant to Sections 4.05(b), (c) and (d) in respect of the application of Reallocated Principal Collections and (ii) pursuant to Section 4.06(a) in respect of the amount by which the Class D Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Class D Defaulted Amount) shall be reduced by the amount of such excess. In the event that such reduction would cause the Class D Invested Amount to be reduced below zero, the Class D Invested Amount shall be reduced to zero and the Collateral Invested Amount (after giving effect to reductions in the Collateral Invested Amount on such Distribution Date (i) pursuant to Section 4.05(cSections 4.05(b) and (dc) in respect of the application of Reallocated Collateral Principal Collections and Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(d4.06(a) in respect of the amount by which the Collateral Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Collateral Defaulted Amount) shall be reduced by the amount by which the Class D Invested Amount would have been reduced below zeroof such excess. In the event that such reduction would cause the Collateral Invested Amount to be reduced below zero, the Collateral Invested Amount shall be reduced to zero and the Class B Invested Amount (after giving effect to reductions in the Class B Invested Amount on such Distribution Date (i) pursuant to Section 4.05(d4.05(c) in respect of the application of Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(c) in respectrespect of the amount by which the Class B Defaulted Amount exceeded the amount of Available Finance Charge Collections,

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Providian National Bank)

Defaulted Amounts; Charge-Offs. (a) If, on any ------------------------------- Distribution Date, the Class D Collateral Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections available to fund the Class D Collateral Defaulted Amount pursuant to Section 4.05(a)(xiv4.05(a)(x) on such Distribution Date, then the Class D Collateral Invested Amount shall be reduced by the amount of such excess; provided, however, that the Class D Collateral Invested Amount shall not be reduced -------- ------- below zero. Such reductions shall thereafter be reimbursed and the Class D Collateral Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed reductions) on any Distribution Date by the amount of Available Finance Charge Collections allocated and available for that purpose pursuant to 4.05(a)(xv4.05(a)(xii). (b) On each Determination Date, the Servicer shall calculate the Class A Defaulted Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class A Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections Collections, the Available Cash Collateral Amount and Reallocated Principal Collections applied thereto on such Distribution Date, the Class D Invested Amount (after giving effect to reductions in the Class D Invested Amount on such Distribution Date (i) pursuant to Sections 4.05(b), (c) and (d) in respect of the application of Reallocated Principal Collections and (ii) pursuant to Section 4.06(a) in respect of the amount by which the Class D Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Class D Defaulted Amount) shall be reduced by the amount of such excess. In the event that such reduction would cause the Class D Invested Amount to be reduced below zero, the Class D Invested Amount shall be reduced to zero and the Collateral Invested Amount (after giving effect to reductions in the Collateral Invested Amount on such Distribution Date (i) pursuant to Section 4.05(cSections 4.05(b) and (dc) in respect of the application of Reallocated Collateral Principal Collections and Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(d4.06(a) in respect of the amount by which the Collateral Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Collateral Defaulted Amount) shall be reduced by the amount by which the Class D Invested Amount would have been reduced below zeroof such excess. In the event that such reduction would cause the Collateral Invested Amount to be reduced below zero, the Collateral Invested Amount shall be reduced to zero and the Class B Invested Amount (after giving effect to reductions in the Class B Invested Amount on such Distribution Date Date (i) pursuant to Section 4.05(d4.05(c) in respect of the application of Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(c) in respectrespect of the amount by which the Class B Defaulted Amount exceeded the amount of Available Finance Charge Collections, the Available Cash Collateral Amount and Reallocated Collateral Principal Collections available to fund the Class B Defaulted Amount) shall be reduced by the amount by which the Collateral Invested Amount would have been reduced below zero. In the event that such reduction would cause the Class B Invested Amount to be reduced below zero, the Class B Invested Amount shall be reduced to zero and the Class A Invested Amount shall be reduced by the amount by which the Class B Invested Amount would have been reduced below zero (a "Class A Charge-Off"). Class A Charge-Offs shall thereafter be reimbursed and the Class A Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed Class A Charge-Offs) on any Distribution Date by the amount of Available Finance Charge Collections allocated and available for that purpose pursuant to Section 4.05(a)(v).

Appears in 1 contract

Samples: Supplement (Providian National Bank)

Defaulted Amounts; Charge-Offs. (a) If, on any ------------------------------- Distribution Date, the Class D Collateral Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections available to fund the Class D Collateral Defaulted Amount pursuant to Section 4.05(a)(xiv4.05(a)(x) on such Distribution Date, then the Class D Collateral Invested Amount shall be reduced by the amount of such excess; provided, however, that the Class D Collateral Invested Amount shall not be reduced -------- ------- below zero. Such reductions shall thereafter be reimbursed and the Class D Collateral Invested Amount increased (but not by an amount in excess of the aggregate unreimbursed reductions) on any Distribution Date by the amount of Available Finance Charge Collections allocated and available for that purpose pursuant to 4.05(a)(xv4.05(a)(xii). (b) On each Determination Date, the Servicer shall calculate the Class A Defaulted Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class A Defaulted Amount for the related Monthly Period exceeds the amount of Available Finance Charge Collections Collections, the Available Cash Collateral Amount and Reallocated Principal Collections applied thereto on such Distribution Date, the Class D Invested Amount (after giving effect to reductions in the Class D Invested Amount on such Distribution Date (i) pursuant to Sections 4.05(b), (c) and (d) in respect of the application of Reallocated Principal Collections and (ii) pursuant to Section 4.06(a) in respect of the amount by which the Class D Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Class D Defaulted Amount) shall be reduced by the amount of such excess. In the event that such reduction would cause the Class D Invested Amount to be reduced below zero, the Class D Invested Amount shall be reduced to zero and the Collateral Invested Amount (after giving effect to reductions in the Collateral Invested Amount on such Distribution Date (i) pursuant to Section 4.05(cSections 4.05(b) and (dc) in respect of the application of Reallocated Collateral Principal Collections and Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(d4.06(a) in respect of the amount by which the Collateral Defaulted Amount exceeded the amount of Available Finance Charge Collections available to fund the Collateral Defaulted Amount) shall be reduced by the amount by which the Class D Invested Amount would have been reduced below zeroof such excess. In the event that such reduction would cause the Collateral Invested Amount to be reduced below zero, the Collateral Invested Amount shall be reduced to zero and the Class B Invested Amount (after giving effect to reductions in the Class B Invested Amount on such Distribution Date (i) pursuant to Section 4.05(d4.05(c) in respect of the application of Reallocated Class B Principal Collections and (ii) pursuant to Section 4.06(c) in respectrespect of the amount by which the Class B Defaulted Amount exceeded the amount of Available Finance Charge Collections, the Available Cash Collateral Amount and Reallocated Collateral Principal Collections available to fund the Class B Defaulted Amount)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Providian National Bank)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!