Appears in 18 contracts

Samples: Pooling and Servicing Agreement (American Express Credit Account Master Trust), Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii), Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)

Appears in 14 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Credit Account Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (ii) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Initial Invested Amount as less the aggregate amount of principal payments distributed to the ~~close of business~~ Collateral Interest Holder on ~~the last day of the preceding Monthly Period~~all prior Distribution Dates; provided, however, ~~with respect to~~ that in the event the Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, ~~Collateral Monthly Interest~~ the Closing Date) to (but excluding) such Distribution Date, the rate described in (i)(B) above shall ~~be equal to the interest accrued~~ reflect a weighted average rate calculated on the basis of the actual number of days each Collateral ~~Initial Invested Amount at the Collateral~~ Minimum Interest Rate ~~for the~~ was in effect during such period ~~from the Closing Date to but excluding the first Distribution Date~~and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 9 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable from the ~~Collection~~ Finance Charge Account with respect to the Class A Certificates ~~on any Distribution~~ with respect to each Transfer Date shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class A Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class A ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x) the~~ however, that in addition to Class A Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class A ~~Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to~~ Deficiency Amounts, as defined below, plus any ~~Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("~~Class A Additional Interest~~") equal to~~ , as defined below, shall also be distributable from the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein Finance Charge Account with respect to the Class A Certificates~~. Notwithstanding anything~~ , and on such Transfer Date the Trustee shall deposit such funds, to the ~~contrary herein~~extent available, ~~Class A Additional~~ into the Interest ~~shall be payable or distributed~~ Funding Account for payment to the Class A Certificateholders ~~only to~~ on the ~~extent permitted by applicable law. (b)~~ next succeeding Interest Payment Date. The ~~amount of monthly interest (~~"Class ~~B Monthly~~ A Additional Interest~~") distributable from the Collection Account with respect to the Class B Certificates on~~ " for any ~~Distribution~~ Transfer Date shall be an ~~amount~~ amount, if any, equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (B) the ~~Collateral~~ sum of (1) the Class A Certificate Rate in effect with respect to ~~the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding)~~ such ~~Distribution Date~~Interest Period, and (ii2) ~~the Collateral Invested~~ 2% per annum, and (C) any Class A Deficiency Amount ~~as of the close of business on the last day of the preceding Monthly Period; provided, however,~~ with respect to the ~~first Distribution~~ Transfer Date immediately preceding the prior Interest Payment Date~~, Collateral Monthly Interest~~ . The "Class A Deficiency Amount" for any Transfer Date shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Dateexcess, ~~the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y)~~ if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of ~~funds allocated and available to pay such Collateral Monthly~~ the prior Interest ~~on such Distribution Date. If~~ Period over the ~~Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional~~ amount ~~("Collateral Additional Interest") shall be payable as provided herein with respect~~ actually transferred to the ~~Collateral Invested Amount equal~~ Interest Funding Account for payment to the ~~product of (i) (A) a fraction,~~ Class A Certificateholders on the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution next succeeding Interest Payment Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 9 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii), Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Initial Invested Amount as less the aggregate amount of principal payments distributed to the ~~close of business~~ Collateral Interest Holder on ~~the last day of the preceding Monthly Period~~all prior Distribution Dates; provided, however, ~~with respect~~ that in the event the Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to ~~the first~~ (but excluding) such Distribution Date, ~~Collateral Monthly Interest~~ the rate described in (i)(B) above shall ~~be equal to the interest accrued~~ reflect a weighted average rate calculated on the basis of the actual number of days each Collateral ~~Initial Invested Amount at the Collateral~~ Minimum Interest Rate ~~for the~~ was in effect during such period ~~from the Closing Date to but excluding the first Distribution Date~~and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.amount

Appears in 6 contracts

Determination of Monthly Interest. (a) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Class A Certificates ~~on any Distribution Date~~ shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class A Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class A ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x) the~~ however, that in addition to Class A Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class A ~~Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero~~Deficiency Amounts, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class A Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class A Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class A ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class A Certificateholders) (the "Class A Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class A Certificates~~. Notwithstanding anything to~~ , and on such Transfer Date the ~~contrary herein~~Trustee shall deposit such funds, ~~Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only~~ to the extent ~~permitted by applicable law~~available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. (b) The amount of monthly interest ~~("Class B Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Class B Certificates ~~on any Distribution Date~~ shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class B Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class B ~~Invested Amount~~ Certificates determined as of the ~~close of business on the immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class B ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x)~~ however, that in addition to the Class B Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class B ~~Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero~~Deficiency Amounts, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class B Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class B Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class B ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class B Certificateholders) (the "Class B Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class B Certificates~~. Notwithstanding anything to~~ , and on such Transfer Date the ~~contrary herein~~Trustee shall deposit such funds, ~~Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only~~ to the extent ~~permitted by applicable law~~available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. (c) The amount of monthly interest ~~("Collateral Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Collateral ~~Invested Amount on any Distribution Date~~ Interest shall be an amount equal to the product of (~~i) (A~~i)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the Collateral Rate in effect with respect to the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date~~related Interest Period, ~~the Closing Date) to (but excluding) such Distribution Date, and~~ times (ii) the Collateral ~~Invested Amount~~ Interest determined as of the ~~close of business on~~ Record Date preceding such Transfer Date (the ~~last day of the preceding~~ "Collateral Monthly ~~Period~~Interest"); provided, however, ~~with respect to~~ that for the ~~first Distribution Date,~~ purposes of determining Collateral Monthly Interest ~~shall be equal to the interest accrued on the Collateral Initial Invested Amount at~~ only, the Collateral Rate shall not exceed a per annum rate of 1% in excess of the London interbank offered rate for one-month United States dollar deposits determined by the ~~period from~~ Trustee on the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect second London Business Day prior to the ~~Collateral Invested Amount equal to~~ Transfer Date on which the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral related Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable lawPeriod commences.

Appears in 6 contracts

Samples: Supplement to Pooling and Servicing Agreement (Mbna America Bank National Association), Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (ag) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable from the ~~Collection~~ Finance Charge Account with respect to the Class A Certificates ~~on any Distribution~~ with respect to each Transfer Date shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class A Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class A ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x) the~~ however, that in addition to Class A Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class A ~~Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to~~ Deficiency Amounts, as defined below, plus any ~~Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("~~Class A Additional Interest~~") equal to~~ , as defined below, shall also be distributable from the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein Finance Charge Account with respect to the Class A Certificates~~. Notwithstanding anything~~ , and on such Transfer Date the Trustee shall deposit such funds, to the ~~contrary herein~~extent available, ~~Class A Additional~~ into the Interest ~~shall be payable or distributed~~ Funding Account for payment to the Class A Certificateholders ~~only to~~ on the ~~extent permitted by applicable law. (b)~~ next succeeding Interest Payment Date. The ~~amount of monthly interest (~~"Class ~~B Monthly~~ A Additional Interest~~") distributable from the Collection Account with respect to the Class B Certificates on~~ " for any ~~Distribution~~ Transfer Date shall be an ~~amount~~ amount, if any, equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (B) the ~~Collateral~~ sum of (1) the Class A Certificate Rate in effect with respect to ~~the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding)~~ such ~~Distribution Date~~Interest Period, and (ii2) ~~the Collateral Invested~~ 2% per annum, and (C) any Class A Deficiency Amount ~~as of the close of business on the last day of the preceding Monthly Period; provided, however,~~ with respect to the ~~first Distribution~~ Transfer Date immediately preceding the prior Interest Payment Date~~, Collateral Monthly Interest~~ . The "Class A Deficiency Amount" for any Transfer Date shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Dateexcess, ~~the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y)~~ if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of ~~funds allocated and available to pay such Collateral Monthly~~ the prior Interest ~~on such Distribution Date. If~~ Period over the ~~Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional~~ amount ~~("Collateral Additional Interest") shall be payable as provided herein with respect~~ actually transferred to the ~~Collateral Invested Amount equal~~ Interest Funding Account for payment to the ~~product~~ Class A Certificateholders on the next succeeding Interest Payment Date of ~~(i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding)~~ such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable lawamount.

Appears in 5 contracts

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Initial Invested Amount as less the aggregate amount of principal payments distributed to the ~~close of business~~ Collateral Interest Holder on ~~the last day of the preceding Monthly Period~~all prior Distribution Dates; provided, however, ~~with respect~~ that in the event the Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to ~~the first~~ (but excluding) such Distribution Date, ~~Collateral Monthly Interest~~ the rate described in (i)(B) above shall ~~be equal to the interest accrued~~ reflect a weighted average rate calculated on the basis of the actual number of days each Collateral ~~Initial Invested Amount at the Collateral~~ Minimum Interest Rate ~~for the~~ was in effect during such period ~~from the Closing Date to but excluding the first Distribution Date~~and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360 and (B) the Collateral Senior Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Senior Invested Amount; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i)(B) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 4 contracts

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Initial Invested Amount as less the aggregate amount of principal payments distributed to the ~~close of business~~ Collateral Interest Holder on ~~the last day of the preceding Monthly Period~~all prior Distribution Dates; provided, however, ~~with respect~~ that in the event the Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to ~~the first~~ (but excluding) such Distribution Date, ~~Collateral Monthly Interest~~ the rate described in (i)(B) above shall ~~be equal to the interest accrued~~ reflect a weighted average rate calculated on the basis of the actual number of days each Collateral ~~Initial Invested Amount at the Collateral~~ Minimum Interest Rate ~~for the~~ was in effect during such period ~~from the Closing Date to but excluding the first Distribution Date~~and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360 and (B) the Collateral Senior Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Senior Invested Amount; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i)(B) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii), Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii), Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)

Determination of Monthly Interest. (ag) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the Class A Certificates ~~on any Distribution Date~~ shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class A Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class A ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x) the~~ however, that in addition to Class A Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class A ~~Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero~~Deficiency Amounts, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class A Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class A Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class A ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class A Certificateholders) (the "Class A Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class A Certificates~~. Notwithstanding anything to~~ , and on such Transfer Date the ~~contrary herein~~Trustee shall deposit such funds, ~~Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only~~ to the extent ~~permitted by applicable law~~available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. (bh) The amount of monthly interest ~~("Class B Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the Class B Certificates ~~on any Distribution Date~~ shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class B Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class B ~~Invested Amount~~ Certificates determined as of the ~~close of business on the immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class B ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x)~~ however, that in addition to the Class B Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class B ~~Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero~~Deficiency Amounts, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class B Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class B Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class B ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class B Certificateholders) (the "Class B Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class B Certificates~~. Notwithstanding anything to~~ , and on such Transfer Date the ~~contrary herein~~Trustee shall deposit such funds, ~~Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only~~ to the extent ~~permitted by applicable law~~available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. (ci) The amount of monthly interest ~~("Collateral Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the Collateral ~~Invested Amount on any Distribution Date~~ Interest, which shall be an amount equal to the product of (~~i) (A~~i)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the Collateral Rate in effect with respect to the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date~~related Interest Period, ~~the Closing Date) to (but excluding) such Distribution Date, and~~ times (ii) the Collateral ~~Invested Amount~~ Interest determined as of the ~~close of business on~~ Record Date preceding such Transfer Date (the ~~last day of the preceding~~ "Collateral Monthly ~~Period~~Interest"); provided, however, ~~with respect to~~ that for the ~~first Distribution Date,~~ purposes of determining Collateral Monthly Interest ~~shall be equal to the interest accrued on the Collateral Initial Invested Amount at~~ only, the Collateral Rate ~~for~~ shall not exceed a per annum rate of 1% in excess of LIBOR as determined on the ~~period from the Closing Date to but excluding the first Distribution~~ related LIBOR Determination Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A ~~Certificates~~ Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the Class A Note Rate and (ii) the ~~Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance~~ Outstanding Dollar Principal Amount of the Class A ~~Certificates~~ Note as of the close of business on the ~~immediately~~ last day of the preceding ~~Record Date~~Monthly Period. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid,~~ an additional amount ("“Class A Additional Interest"”) equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class A ~~Certificate~~ Note Rate and (~~y) 2.0% per annum and (iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A ~~Certificateholders~~Noteholders) shall be payable as provided herein with respect to the Class A ~~Certificates. Notwithstanding anything~~ Notes on each Distribution Date following such Distribution Date to and including the ~~contrary herein,~~ Distribution Date on which such Class A ~~Additional~~ Interest ~~shall be payable or distributed~~ Shortfall is paid to the Class A ~~Certificateholders only to the extent permitted by applicable law~~Noteholders. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B ~~Certificates~~ Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the Class B Note Rate and (ii) the ~~Class B Certificate Rate for such Distribution Date and (iii)~~ Outstanding Dollar Principal Amount of the Class B ~~Invested Amount~~ Notes as of the close of business on the ~~immediately~~ last day of the preceding ~~Record Date~~Monthly Period. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid,~~ an additional amount ("“Class B Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the ~~Collateral~~ Class B Note Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such ~~Collateral~~ Class B Interest Shortfall (or the portion thereof which has not been paid to the ~~Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest~~ Class B Noteholders) shall be payable ~~or distributed~~ as provided herein with respect to the ~~Collateral~~ Class B Notes on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Class B Interest ~~Holder only~~ Shortfall is paid to the ~~extent permitted by applicable law~~Class B Noteholders.

Appears in 3 contracts

Samples: Indenture Supplement (National City Bank /), Indenture Supplement (National City Credit Card Master Trust), Indenture Supplement (National City Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the ~~Collection~~ Distribution Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ Period and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral Monthly Interest shall be equal to~~ the ~~interest accrued on the Collateral~~ Class A Note Initial ~~Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~Principal Balance). On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the ~~"Collateral Interest Shortfall") equal to~~ “Class A Deficiency Amount”), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount (~~"Collateral~~ “Class A Additional Interest"”) ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date~~ Period and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law.

Appears in 3 contracts

Samples: Indenture Supplement (Alliance Data Systems Corp), Indenture Supplement (WFN Credit Co LLC), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the Class A Certificates ~~on any Distribution Date~~ shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class A Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class A ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x) the~~ however, that in addition to Class A Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class A ~~Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero~~Deficiency Amounts, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class A Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class A Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class A ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class A Certificateholders) (the "Class A Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class A Certificates~~. Notwithstanding anything to~~ , and on such Transfer Date the ~~contrary herein~~Trustee shall deposit such funds, ~~Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only~~ to the extent ~~permitted by applicable law~~available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. (b) The amount of monthly interest ~~("Class B Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the Class B Certificates ~~on any Distribution Date~~ shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class B Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class B ~~Invested Amount~~ Certificates determined as of the ~~close of business on the immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class B ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x)~~ however, that in addition to the Class B Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class B ~~Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero~~Deficiency Amounts, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class B Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class B Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class B ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class B Certificateholders) (the "Class B Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class B Certificates~~. Notwithstanding anything to~~ , and on such Transfer Date the ~~contrary herein~~Trustee shall deposit such funds, ~~Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only~~ to the extent ~~permitted by applicable law~~available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. (c) The amount of monthly interest ~~("Collateral Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the ~~Collateral Invested Amount on any Distribution Date~~ Class C Investor Interest shall be an amount equal to the product of (~~i) (A~~i)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the ~~Collateral~~ Class C Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date~~related Interest Period, ~~the Closing Date) to (but excluding) such Distribution Date, and~~ times (ii) the ~~Collateral Invested Amount~~ outstanding principal balance of the Class C Interests determined as of the ~~close of business on~~ Record Date preceding the ~~last day of~~ related Transfer Date (the ~~preceding~~ "Class C Monthly ~~Period~~Interest"); provided, however, ~~with respect~~ that in addition to the ~~first Distribution Date, Collateral~~ Class C Monthly Interest ~~shall be~~ an amount equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Dateamount of any unpaid Class C Deficiency Amounts, ~~the Servicer shall determine~~ as defined below, plus an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (iA) (A1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (2) the sum of the Class C Interest Rate in effect with respect to the related Interest Period, plus 2% per annum, and (B) any Class C Deficiency Amount from the ~~Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution~~ prior Transfer Date, ~~and (ii) such Collateral Interest Shortfall~~ as defined below (or the portion thereof which has not theretofore been paid to Class C Interest Holders) (the ~~Collateral Interest Holder). Notwithstanding anything~~ "Class C Additional Interest") shall also be distributable to the ~~contrary herein~~Class C Interests, ~~Collateral Additional Interest~~ and on such Transfer Date the Trustee shall ~~be payable or distributed to the Collateral Interest Holder only~~ deposit such funds, to the extent ~~permitted by applicable law~~available, into the Distribution Account; provided further, that the "Class C Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(c) as of the prior Interest Period over the amount actually allocated and available for payment of such amount (after giving effect to the application of Excess Spread and the proceeds of any draw made on the Spread Account as provided in subsection 4.11(e) and the Class C Supplemental Agreement for the purpose of paying such amount with respect to such Distribution Date).

Appears in 3 contracts

Samples: Amended and Restated Series 1997 B Supplement (BA Credit Card Funding, LLC), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A ~~Certificates~~ Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the Class A Note Rate and (ii) the ~~Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance~~ Outstanding Dollar Principal Amount of the Class A ~~Certificates~~ Note as of the close of business on the ~~immediately~~ last day of the preceding ~~Record Date~~Monthly Period. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid,~~ an additional amount ("Class A Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class A ~~Certificate~~ Note Rate and (~~y) 2.0% per annum and (iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A ~~Certificateholders~~Noteholders) shall be payable as provided herein with respect to the Class A ~~Certificates. Notwithstanding anything~~ Notes on each Distribution Date following such Distribution Date to and including the ~~contrary herein,~~ Distribution Date on which such Class A ~~Additional~~ Interest ~~shall be payable or distributed~~ Shortfall is paid to the Class A ~~Certificateholders only to the extent permitted by applicable law~~Noteholders. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B ~~Certificates~~ Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the Class B Note Rate and (ii) the ~~Class B Certificate Rate for such Distribution Date and (iii)~~ Outstanding Dollar Principal Amount of the Class B ~~Invested Amount~~ Notes as of the close of business on the ~~immediately~~ last day of the preceding ~~Record Date~~Monthly Period. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid,~~ an additional amount ("Class B Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class B ~~Certificate~~ Note Rate and (~~y) 2.0% per annum and (iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B ~~Certificateholders~~Noteholders) shall be payable as provided herein with respect to the Class B ~~Certificates. Notwithstanding anything~~ Notes on each Distribution Date following such Distribution Date to and including the ~~contrary herein,~~ Distribution Date on which such Class B ~~Additional~~ Interest ~~shall be payable or distributed~~ Shortfall is paid to the Class B ~~Certificateholders only to the extent permitted by applicable law~~Noteholders. (c) The amount of monthly interest ("~~Collateral~~ Class C Monthly Interest") distributable from the Collection Account with respect to the ~~Collateral Invested Amount~~ Class C Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the ~~Collateral~~ Class C Note Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the ~~Collateral Invested~~ Outstanding Dollar Principal Amount of the Class C Notes as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "~~Collateral~~ Class C Interest Shortfall"~~) equal to~~ ), of (x) the ~~aggregate Collateral~~ Class C Monthly Interest for such Distribution Date ~~minus~~ over (y) the aggregate amount of funds allocated and available to pay such ~~Collateral~~ Class C Monthly Interest on such Distribution Date. If the ~~Collateral~~ Class C Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid,~~ an additional amount ("~~Collateral~~ Class C Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the ~~Collateral~~ Class C Note Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such ~~Collateral~~ Class C Interest Shortfall (or the portion thereof which has not been paid to the ~~Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest~~ Class C Noteholders) shall be payable ~~or distributed~~ as provided herein with respect to the ~~Collateral~~ Class C Notes on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Class C Interest ~~Holder only~~ Shortfall is paid to the ~~extent permitted by applicable law~~Class C Noteholders.

Appears in 3 contracts

Samples: Indenture Supplement (National City Bank /), Indenture Supplement (National City Bank /), Indenture Supplement (National City Credit Card Master Trust)

Determination of Monthly Interest. (a) Pursuant to the Class A Note Purchase Agreement, certain Class A Ownership Tranches may from time to time be divided into one or more subdivisions (each, as further specified in the Class A Note Purchase Agreement, a “Class A Funding Tranche”) which will accrue interest on different bases. For Class A Funding Tranches that accrue interest by reference to a commercial paper rate or LIBOR, a specified period (each, a “Class A Fixed Period”) will be designated in the Class A Note Purchase Agreement during which that Class A Funding Tranche may accrue interest at a fixed rate. The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates~~ Notes on any Distribution Date shall be an amount equal to the ~~product~~ aggregate amount of interest that accrued over that Distribution Period on each Class A Funding Tranche (iplus the aggregate amount of interest that accrued over any prior Distribution Period on any Class A Funding Tranche and has not yet been paid, plus additional interest (to the extent permitted by law) ~~a fraction~~on such overdue amounts at the weighted average interest rate applicable to the related Class A Ownership Tranche during that Distribution Period, and minus any overpayment of interest on the ~~numerator of which is the actual number of days in the period from (and including) the immediately preceding~~ prior Distribution Date ~~(or in the case~~ as a result of the ~~first Distribution~~ estimation referred to below), all as determined by Servicer on the related Determination Date. For purposes of such determination, Servicer shall rely upon information provided by the ~~Closing Date)~~ various Administrative Agents pursuant to ~~(but excluding) such Distribution Date and the denominator of which is 360, (ii)~~ the Class A ~~Certificate Rate for such Distribution Date and (iii) the outstanding principal balance~~ Note Purchase Agreement including estimates of the interest to accrue on any Class A ~~Certificates as of close of business on~~ Funding Tranche through the ~~immediately preceding Record~~ related Distribution Date. ~~On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if~~ The interest accrued on any ~~(the "~~Class A ~~Interest Shortfall"),~~ Ownership Tranche (or related Class A Funding Tranche) for any Distribution Period shall be determined using the applicable Class A Tranche Rate and shall equal the product of (x) the Weighted Average Class A ~~Monthly Interest~~ Principal Balance for ~~such Distribution Date over~~ that Class A Ownership Tranche (or Class A Funding Tranche), (y) the ~~aggregate amount of funds allocated and available to pay such~~ applicable Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Tranche Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and includingz) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable ~~law~~Day Count Fraction. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 3 contracts

Samples: Indenture Supplement (Alliance Data Systems Corp), Indenture Supplement (Alliance Data Systems Corp), Series 2009 VFN Indenture Supplement (Alliance Data Systems Corp)

Determination of Monthly Interest. (ag) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the Class A Certificates ~~on any Distribution Date~~ shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class A Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class A ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x) the~~ however, that in addition to Class A Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class A ~~Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero~~Deficiency Amounts, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class A Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class A Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class A ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class A Certificateholders) (the "Class A Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class A Certificates~~. Notwithstanding anything to~~ , and on such Transfer Date the ~~contrary herein~~Trustee shall deposit such funds, ~~Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only~~ to the extent ~~permitted by applicable law~~available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. (bh) The amount of monthly interest ~~("Class B Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the Class B Certificates ~~on any Distribution Date~~ shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class B Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class B ~~Invested Amount~~ Certificates determined as of the ~~close of business on the immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class B ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x)~~ however, that in addition to the Class B Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class B ~~Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero~~Deficiency Amounts, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class B Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class B Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class B ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class B Certificateholders) (the "Class B Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class B Certificates~~. Notwithstanding anything to~~ , and on such Transfer Date the ~~contrary herein~~Trustee shall deposit such funds, ~~Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only~~ to the extent ~~permitted by applicable law~~available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. (ci) The amount of monthly interest ~~("Collateral Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the Collateral ~~Invested Amount on any Distribution Date~~ Interest shall be an amount equal to the product of (~~i) (A~~i)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the Collateral Rate in effect with respect to the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date~~related Interest Period, ~~the Closing Date) to (but excluding) such Distribution Date, and~~ times (ii) the Collateral ~~Invested Amount~~ Interest determined as of the ~~close of business on~~ Record Date preceding such Transfer Date (the ~~last day of the preceding~~ "Collateral Monthly ~~Period~~Interest"); provided, however, ~~with respect to~~ that for the ~~first Distribution Date,~~ purposes of determining Collateral Monthly Interest ~~shall be equal to the interest accrued on the Collateral Initial Invested Amount at~~ only, the Collateral Rate ~~for~~ shall not exceed a per annum rate of 1% in excess of LIBOR as determined on the ~~period from the Closing Date to but excluding the first Distribution~~ related LIBOR Determination Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Supplement to Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (ag) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable from the ~~Collection~~ Finance Charge Account with respect to the Class A Certificates ~~on any Distribution~~ with respect to each Transfer Date shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class A Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class A ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x) the~~ however, that in addition to Class A Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class A ~~Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to~~ Deficiency Amounts, as defined below, plus any ~~Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("~~Class A Additional Interest~~") equal to~~ , as defined below, shall also be distributable from the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein Finance Charge Account with respect to the Class A Certificates~~. Notwithstanding anything~~ , and on such Transfer Date the Trustee shall deposit such funds, to the ~~contrary herein~~extent available, ~~Class A Additional~~ into the Interest ~~shall be payable or distributed~~ Funding Account for payment to the Class A Certificateholders ~~only to~~ on the ~~extent permitted by applicable law. (b)~~ next succeeding Interest Payment Date. The ~~amount of monthly interest (~~"Class ~~B Monthly~~ A Additional Interest~~") distributable from the Collection Account with respect to the Class B Certificates on~~ " for any ~~Distribution~~ Transfer Date shall be an ~~amount~~ amount, if any, equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (B) the ~~Collateral~~ sum of (1) the Class A Certificate Rate in effect with respect to ~~the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding)~~ such ~~Distribution Date~~Interest Period, and (ii2) ~~the Collateral Invested~~ 2% per annum, and (C) any Class A Deficiency Amount ~~as of the close of business on the last day of the preceding Monthly Period; provided, however,~~ with respect to the ~~first Distribution~~ Transfer Date immediately preceding the prior Interest Payment Date~~, Collateral Monthly Interest~~ . The "Class A Deficiency Amount" for any Transfer Date shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Dateexcess, ~~the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y)~~ if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of ~~funds allocated and available to pay such Collateral Monthly~~ the prior Interest ~~on such Distribution Date. If~~ Period over the ~~Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional~~ amount ~~("Collateral Additional Interest") shall be payable as provided herein with respect~~ actually transferred to the ~~Collateral Invested Amount equal~~ Interest Funding Account for payment to the ~~product of (i) (A) a fraction,~~ Class A Certificateholders on the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution next succeeding Interest Payment Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bank National Association), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at less the aggregate amount of principal payments distributed to the Collateral ~~Rate for the period from the Closing Date to but excluding the first~~ Interest Holder on all prior Distribution ~~Date~~Dates. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360 and (B) the Collateral Senior Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Senior Invested Amount. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the “Collateral Senior Interest Shortfall”) equal to (x) the aggregate Collateral Senior Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Senior Minimum Monthly Interest on such Distribution Date. If the Collateral Senior Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Senior Interest Shortfall is fully paid, an

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) the Class A Certificate Rate for the related Interest Period, (ii) the outstanding principal amount of the Class A Certificates as of the preceding Record Date and (iii) a fraction, the numerator of which is the actual number of days in ~~the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding)~~ such ~~Distribution Date~~ Interest Period and the denominator of which is 360; provided, ~~(ii)~~ however, that, with respect to the first Distribution Date, Class A ~~Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date~~Monthly Interest shall be equal to $[____________]. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid,~~ an additional amount ("Class A Additional Interest") equal to the product of (i) ~~a fraction,~~ the ~~numerator of which is~~ Class A Penalty Rate for the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360related Interest Period, (ii~~) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii~~) such Class A Interest Shortfall (or the portion thereof which has not theretofore been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. and (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (iiii) a fraction, the numerator of which is the actual number of days in ~~the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding)~~ such ~~Distribution Date~~ Interest Period and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) 360 shall be payable as provided herein with respect to the Class ~~B Certificates~~A Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class B A Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.payable

Appears in 2 contracts

Samples: Supplement to Master Pooling and Servicing Agreement (First North American National Bank), Master Pooling and Servicing Agreement (First North American National Bank)

Determination of Monthly Interest. (a) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Class A Certificates ~~on any Distribution Date~~ shall be an amount equal to one- twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date and~~ times (~~iii~~ii) the outstanding principal balance of the Class A Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class A ~~Interest Shortfall~~Monthly Interest"); provided, of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall however, that with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, Class A Monthly Interest will be equal to $10,915,416.67; provided further, that in addition to Class A Monthly Interest an amount equal to the ~~Closing Date)~~ amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (~~but excluding) such Distribution Date and the denominator of which is 360, (ii~~A) the sum of ~~(x)~~ the Class A Certificate Rate plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class A ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class A Certificateholders) (the "Class A Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class A Certificates~~. Notwithstanding anything~~ , and on such Transfer Date the Trustee shall deposit such funds, to the ~~contrary herein~~extent available, into the Distribution Account; provided further, that the "Class A ~~Additional~~ Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be ~~payable or distributed to~~ calculated on the ~~Class A Certificateholders only to the extent permitted by applicable law~~basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest ~~("Class B Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Class B Certificates ~~on any Distribution Date~~ shall be an amount equal to one- twelfth of the product of (i) ~~a fraction~~the Class B Certificate Rate, ~~the numerator of which is the actual number of days in the period from~~ times (~~and including~~ii) the ~~immediately~~ outstanding principal balance of the Class B Certificates determined as of the Record Date preceding ~~Distribution~~ the related Transfer Date (~~or in~~ the ~~case of~~ "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $998,020.83; provided further, that in addition to the ~~Closing Date~~Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) ~~to (but excluding) such Distribution Date and~~ the ~~denominator~~ sum of ~~which is 360, (ii)~~ the Class B Certificate Rate ~~for such Distribution Date~~ plus 2% per annum, and (~~iii~~B) ~~the~~ any Class B ~~Invested~~ Deficiency Amount ~~as of~~ from the ~~close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution~~ prior Transfer Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class B Certificateholders) (the "Class B Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class B Certificates~~. Notwithstanding anything~~ , and on such Transfer Date the Trustee shall deposit such funds, to the ~~contrary herein~~extent available, into the Distribution Account; provided further, that the "Class B ~~Additional~~ Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be ~~payable or distributed to~~ calculated on the ~~Class B Certificateholders only to the extent permitted by applicable law~~basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest ~~("Collateral Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Collateral ~~Invested Amount on any Distribution Date~~ Interest shall be an amount equal to one- twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral ~~Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date~~Minimum Rate, ~~the Closing Date) to (but excluding) such Distribution Date, and~~ times (ii) the Collateral ~~Invested~~ Interest Initial Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) less the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder ~~only~~ with respect to the ~~extent permitted by applicable law~~Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding November 15, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $2,959,333.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $138,000.80. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $205,905.43; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the April 2018 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$2,014,687.50. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "~~Collateral Interest Shortfall~~Class A Deficiency Amount"~~) equal to~~ ), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount ("~~Collateral~~ Class A Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class M Monthly Interest") distributable from the Distribution Account with respect to the Class M Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class M Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class M Note Initial Principal Balance); provided that the Class M Monthly Interest for the April 2018 Distribution Date shall be $159,490.63. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class M Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(b) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class M Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class M Deficiency Amount is fully paid, an additional amount ("Class M Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class M Deficiency Amount (or the portion thereof which has not been paid to the Class M Noteholders) shall be payable as provided herein with respect to the Class M Notes. Notwithstanding anything to the contrary herein, Class M Additional Interest shall be payable or distributed to the Class M Noteholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Class B Monthly Interest") distributable from the Distribution Account with respect to the Class B Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class B Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class B Note Initial Principal Balance); provided that the Class B Monthly Interest for the April 2018 Distribution Date shall be $107,296.88. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(c) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class B Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Deficiency Amount is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class B Deficiency Amount (or the portion thereof which has not been paid to the Class B Noteholders) shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $3,210,638.89. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $145,234.27; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $202,063.68; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the December 2018 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$1,124,166.67. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "~~Collateral Interest Shortfall~~Class A Deficiency Amount"~~) equal to~~ ), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount ("~~Collateral~~ Class A Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class M Monthly Interest") distributable from the Distribution Account with respect to the Class M Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class M Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class M Note Initial Principal Balance); provided that the Class M Monthly Interest for the December 2018 Distribution Date shall be $92,966.10. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class M Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(b) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class M Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class M Deficiency Amount is fully paid, an additional amount ("Class M Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class M Deficiency Amount (or the portion thereof which has not been paid to the Class M Noteholders) shall be payable as provided herein with respect to the Class M Notes. Notwithstanding anything to the contrary herein, Class M Additional Interest shall be payable or distributed to the Class M Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (ah) The amount of monthly interest distributable to the Class A Certificates shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate, times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"~~) distributable from the Collection Account~~ ); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to interest accrued on the initial outstanding principal balance of the Class A Certificates at the Class A Certificate Rate from the Closing Date through August 14, 1997; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class A Certificate Rate, plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution ~~Date~~ Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (i) The amount of monthly interest distributable to the Class B Certificates shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A B Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class A B Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class ~~A Interest Shortfall~~B Monthly Interest"); provided, ~~of (x)~~ however, that in addition to the Class A B Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class ~~A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero~~B Deficiency Amounts, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class A Additional Interest")~~ equal to the product of (iA)(1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class A B Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class ~~A Interest Shortfall~~ B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class A B Certificateholders) (the "Class B Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class A B Certificates~~. Notwithstanding anything to~~ , and on such Transfer Date the ~~contrary herein~~Trustee shall deposit such funds, ~~Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only~~ to the extent ~~permitted by applicable law~~available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. (bj) The amount of monthly interest ~~("Class B Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the ~~Class B Certificates on any Distribution Date~~ Collateral Interest shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, times (B) the Collateral Rate in effect with respect to the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date~~related Interest Period, ~~the Closing Date) to (but excluding) such Distribution Date, and~~ times (ii) the Collateral ~~Invested Amount~~ Interest determined as of the ~~close of business on~~ Record Date preceding such Transfer Date (the ~~last day of the preceding~~ "Collateral Monthly ~~Period~~Interest"); provided, however, ~~with respect to~~ that for the ~~first Distribution Date,~~ purposes of determining Collateral Monthly Interest ~~shall be equal to the interest accrued on the Collateral Initial Invested Amount at~~ only, the Collateral Rate shall not exceed a per annum rate of 1% in excess of the London interbank offered rate for one-month United States dollar deposits determined by the ~~period from~~ Trustee on the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect second London Business Day prior to the ~~Collateral Invested Amount equal to~~ Transfer Date on which the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral related Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable lawPeriod commences.

Appears in 2 contracts

Samples: Supplement to Pooling and Servicing Agreement (Mbna America Bank National Association), Supplement to Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $3,410,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $159,661.58; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $222,938.44; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the ~~Collection~~ Distribution Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the December 2011 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$245,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the ~~"Collateral Interest Shortfall") equal to~~ “Class A Deficiency Amount”), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount (~~"Collateral~~ “Class A Additional Interest"”) ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided, however, that in the event the Class B Certificate Rate has been modified upon the satisfaction of the Class B Certificate Rate Adjustment Conditions during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Initial Invested Amount as less the aggregate amount of principal payments distributed to the ~~close of business~~ Collateral Interest Holder on ~~the last day of the preceding Monthly Period~~all prior Distribution Dates; provided, however, ~~with respect~~ that in the event the Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to ~~the first~~ (but excluding) such Distribution Date, ~~Collateral Monthly Interest~~ the rate described in (i)(B) above shall ~~be equal to the interest accrued~~ reflect a weighted average rate calculated on the basis of the actual number of days each Collateral ~~Initial Invested Amount at the Collateral~~ Minimum Interest Rate ~~for the~~ was in effect during such period ~~from the Closing Date to but excluding the first Distribution Date~~and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360 and (B) the Collateral Senior Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Senior Invested Amount; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i)(B) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $81,714.65. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $121,524.82; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $ 5,438,125.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $248,189.31; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $371,250.34; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for Table of Contents such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Initial Invested Amount as less the aggregate amount of principal payments distributed to the ~~close of business~~ Collateral Interest Holder on ~~the last day of the preceding Monthly Period~~all prior Distribution Dates; provided, however, ~~with respect to~~ that in the ~~first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on~~ event the Collateral ~~Initial Invested Amount at the Collateral~~ Minimum Interest Rate ~~for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount~~ has been modified (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as ~~provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days~~ described in the ~~period from (and including~~definition thereof) ~~the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect~~ during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i)(B) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Minimum Interest Rate was in effect during such period and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable lawa year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the September 2016 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$1,759,333.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "~~Collateral Interest Shortfall~~Class A Deficiency Amount"~~) equal to~~ ), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount ("~~Collateral~~ Class A Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class M Monthly Interest") distributable from the Distribution Account with respect to the Class M Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class M Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class M Note Initial Principal Balance); provided that the Class M Monthly Interest for the September 2016 Distribution Date shall be $100,966.67. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class M Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(b) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class M Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class M Deficiency Amount is fully paid, an additional amount ("Class M Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class M Deficiency Amount (or the portion thereof which has not been paid to the Class M Noteholders) shall be payable as provided herein with respect to the Class M Notes. Notwithstanding anything to the contrary herein, Class M Additional Interest shall be payable or distributed to the Class M Noteholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Class B Monthly Interest") distributable from the Distribution Account with respect to the Class B Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class B Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class B Note Initial Principal Balance); provided that the Class B Monthly Interest for the September 2016 Distribution Date shall be $138,866.64. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(c) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class B Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Deficiency Amount is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class B Deficiency Amount (or the portion thereof which has not been paid to the Class B Noteholders) shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Noteholders only to the extent permitted by applicable law. (d) The amount of monthly interest ("Class C Monthly Interest") distributable from the Distribution Account with respect to the Class C Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class C Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class C Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class C Note Initial Principal Balance); provided that the Class C Monthly Interest for the September 2016 Distribution Date shall be $408,780.29. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class C Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(d) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class C Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class C Deficiency Amount is fully paid, an additional amount ("Class C Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class C Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class C Deficiency Amount (or the portion thereof which has not been paid to the Class C Noteholders) shall be payable as provided herein with respect to the Class C Notes. Notwithstanding anything to the contrary herein, Class C Additional Interest shall be payable or distributed to the Class C Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Note Trust), Indenture Supplement (World Financial Network Credit Card Master Note Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,925,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $100,834.07; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $176,000.16; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. ~~(a)~~ The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on ~~any~~ each Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal ~~balance~~ amount of the Class A Certificates as of the close of business on the ~~immediately~~ preceding Record Date; provided, however, with respect to the December 1996 Distribution Date, Class A Monthly Interest shall be equal to the interest accrued on the Class A Initial Investor Amount at the applicable Class A Certificate Rate for the period from the Closing Date to but excluding December 16, 1996. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date (after giving effect to any withdrawal from the Cash Collateral Account with respect to such Distribution Date). If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero~~, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~, an additional amount ("Class A Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in from and including the ~~period from (and including) the immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class A ~~Certificate~~ Penalty Rate and (~~y) 2.0% per annum and (iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Class A Interest Shortfall is paid to the Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to ~~the~~ Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Advanta Credit Card Master Trust Ii), Pooling and Servicing Agreement (Advanta Credit Card Master Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ Interest Period] and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance)[; provided that the Class A Monthly Interest for the [•] [•] Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$[•]]. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the ~~"Collateral Interest Shortfall") equal to~~ “Class A Deficiency Amount”), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount (~~"Collateral~~ “Class A Additional Interest"”) ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ Interest Period] and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Note Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $6,796,875.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $316,156.47; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $472,295.16; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $80,573.04; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $116,954.72; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ Interest Period] and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance)[; provided that the Class A Monthly Interest for the [•] [•] Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$[•]]. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the ~~"Collateral Interest Shortfall") equal to~~ “Class A Deficiency Amount”), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this subsection 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount (~~"Collateral~~ “Class A Additional Interest"”) ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ Interest Period] and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Initial Invested Amount as less the aggregate amount of principal payments distributed to the ~~close of business~~ Collateral Interest Holder on ~~the last day of the preceding Monthly Period~~all prior Distribution Dates; provided, however, ~~with respect to~~ that in the event the Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, ~~Collateral Monthly Interest~~ the Closing Date) to (but excluding) such Distribution Date, the rate described in (i)(B) above shall ~~be equal to the interest accrued~~ reflect a weighted average rate calculated on the basis of the actual number of days each Collateral ~~Initial Invested Amount at the Collateral~~ Minimum Interest Rate ~~for the~~ was in effect during such period ~~from the Closing Date to but excluding the first Distribution Date~~and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is ~~360,~~ 360 and (B) the Collateral Minimum Interest Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360 and (B) the Collateral Senior Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Senior Invested Amount; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, the rate described in (i)(B) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the December 2016 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$702,333.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "~~Collateral Interest Shortfall~~Class A Deficiency Amount"~~) equal to~~ ), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount ("~~Collateral~~ Class A Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class M Monthly Interest") distributable from the Distribution Account with respect to the Class M Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class M Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class M Note Initial Principal Balance); provided that the Class M Monthly Interest for the December 2016 Distribution Date shall be $50,531.25. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class M Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(b) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class M Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class M Deficiency Amount is fully paid, an additional amount ("Class M Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class M Deficiency Amount (or the portion thereof which has not been paid to the Class M Noteholders) shall be payable as provided herein with respect to the Class M Notes. Notwithstanding anything to the contrary herein, Class M Additional Interest shall be payable or distributed to the Class M Noteholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Class B Monthly Interest") distributable from the Distribution Account with respect to the Class B Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class B Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class B Note Initial Principal Balance); provided that the Class B Monthly Interest for the December 2016 Distribution Date shall be $42,110.02. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(c) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class B Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Deficiency Amount is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class B Deficiency Amount (or the portion thereof which has not been paid to the Class B Noteholders) shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Note Trust), Indenture Supplement (World Financial Network Credit Card Master Note Trust)

Determination of Monthly Interest. (a) The amount of monthly interest (the "~~Class~~ CLASS A ~~Monthly Interest~~MONTHLY INTEREST") distributable from the Collection Account with respect to the Class A ~~Certificates~~ Notes on any Distribution Date ~~shall~~ will be calculated by the Servicer and will be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii) the Class A ~~Certificate~~ Note Interest Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (iii) the ~~outstanding principal balance~~ Class A Note Principal Balance as of the ~~Class A Certificates as of~~ close of business on the ~~immediately preceding Record Date~~last day of the related Collection Period. On the Determination Date ~~preceding~~ relating to each Distribution Date, the Servicer ~~shall~~ will determine the excess, if any (such excess, the "~~Class~~ CLASS A ~~Interest Shortfall~~INTEREST SHORTFALL"), of (x1) the Class A Monthly Interest for such Distribution ~~Date~~ Date, over (y2) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (the "~~Class~~ CLASS A ~~Additional Interest~~ADDITIONAL INTEREST") calculated by the Servicer and equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii) the ~~sum of (x) the~~ Class A ~~Certificate~~ Note Interest Rate ~~and (y) 2.0% per annum and~~ in effect with respect to the related Interest Period, times (iii) such Class A Interest Shortfall (~~or the portion thereof which has not been paid to the~~ including any unpaid Class A ~~Certificateholders~~Interest Shortfalls for prior Distribution Dates) ~~shall~~ will be payable as provided herein with respect to the Class A ~~Certificates~~Notes. Notwithstanding anything to the contrary herein, the Class A Additional Interest ~~shall~~ will be payable or distributed to the Class A ~~Certificateholders~~ Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest (the "~~Class~~ CLASS B ~~Monthly Interest~~MONTHLY INTEREST") distributable from the Collection Account with respect to the Class B ~~Certificates~~ Notes on any Distribution Date ~~shall~~ will be calculated by the Servicer and will be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii) the Class B ~~Certificate~~ Note Interest Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (iii) the Class B ~~Invested Amount~~ Note Principal Balance as of the close of business on the ~~immediately preceding Record Date~~last day of the related Collection Period. On the Determination Date ~~preceding~~ relating to each Distribution Date, the Servicer ~~shall~~ will determine the excess, if any (such excess, the "~~Class~~ CLASS B ~~Interest Shortfall~~INTEREST SHORTFALL"), of (x1) the Class B Monthly Interest for such Distribution ~~Date~~ Date, over (y2) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount (the "~~Class~~ CLASS B ~~Additional Interest~~ADDITIONAL INTEREST") calculated by the Servicer and equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii) the ~~sum of (x) the~~ Class B ~~Certificate~~ Note Interest Rate ~~and (y) 2.0% per annum and~~ in effect with respect to the related Interest Period, times (iii) such Class B Interest Shortfall (~~or the portion thereof which has not been paid to the~~ including any unpaid Class B ~~Certificateholders~~Interest Shortfalls for prior Distribution Dates) ~~shall~~ will be payable as provided herein with respect to the Class B ~~Certificates~~Notes. Notwithstanding anything to the contrary herein, the Class B Additional Interest ~~shall~~ will be payable or distributed to the Class B ~~Certificateholders~~ Noteholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2006-4), Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2006-3)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly ~~Interest"~~Interest Payment”) distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates~~ Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class A ~~Certificate Rate for such Distribution Date and (iii) the outstanding principal balance~~ Note Principal Balance as of the ~~Class A Certificates as of~~ close of business on the ~~immediately~~ last day of the preceding ~~Record~~ Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance). On the Determination Date preceding each Distribution Date, ~~the~~ Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the ~~Class A Monthly Interest for such~~ aggregate amount accrued pursuant to this Section 4.02(a) as of the prior Distribution Date over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Class A Monthly Interest on such Distribution Date~~amount. If the Class A Interest Shortfall ~~with respect to~~ for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A ~~Additional~~ Default Interest"”) equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class A ~~Certificate~~ Note Interest Rate in effect with respect to the related Interest Period and (~~y) 2.0% per annum and (iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A ~~Certificateholders~~Noteholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Notes. Notwithstanding anything to the contrary herein, Class A ~~Additional~~ Default Interest shall be payable or distributed to the Class A ~~Certificateholders~~ Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly ~~Interest"~~Interest Payment”) distributable from the ~~Collection~~ Distribution Account with respect to the Class B ~~Certificates~~ Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class B ~~Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount~~ Note Principal Balance as of the close of business on the ~~immediately~~ last day of the preceding ~~Record~~ Monthly Period (or, with respect to the initial Distribution Date, the Class B Note Initial Principal Balance). On the Determination Date preceding each Distribution Date, ~~the~~ Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the ~~Class B Monthly Interest for such~~ aggregate amount accrued pursuant to this Section 4.02(b) as of the prior Distribution Date over (y) the ~~aggregate~~ amount of funds ~~allocated and available to pay~~ actually transferred from the Distribution Account for payment of such ~~Class B Monthly Interest on such Distribution Date~~amount. If the Class B Interest Shortfall ~~with respect to~~ for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B ~~Additional~~ Default Interest"”) equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class B ~~Certificate~~ Note Interest Rate in effect with respect to the related Interest Period and (~~y) 2.0% per annum and (iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B ~~Certificateholders~~Noteholders) shall be payable as provided herein with respect to the Class B ~~Certificates~~Notes. Notwithstanding anything to the contrary herein, Class B ~~Additional~~ Default Interest shall be payable or distributed to the Class B ~~Certificateholders~~ Noteholders only to the extent permitted by applicable law. (c) The amount of monthly interest (~~"Collateral~~ “Class C Monthly ~~Interest"~~Interest Payment”) distributable from the ~~Collection~~ Distribution Account with respect to the ~~Collateral Invested Amount~~ Class C Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class C Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ related Interest Period and (ii) the ~~Collateral Invested Amount~~ Class C Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral Monthly Interest shall be equal to~~ the ~~interest accrued on the Collateral~~ Class C Note Initial ~~Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~Principal Balance). On the Determination Date preceding each Distribution Date, ~~the~~ Servicer shall determine ~~an amount~~ the excess, if any (the ~~"Collateral~~ “Class C Interest Shortfall~~") equal to~~ ”), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.02(c) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount of funds ~~allocated and available to pay~~ actually transferred from the Distribution Account for payment of such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral~~ Class C Interest Shortfall ~~with respect to~~ for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral~~ Class C Interest Shortfall is fully paid, an additional amount (~~"Collateral Additional~~ “Class C Default Interest"”) ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class C Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ related Interest Period and (ii) such ~~Collateral~~ Class C Interest Shortfall (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class C Noteholders) shall be payable as provided herein with respect to the Class C Notes. Notwithstanding anything to the contrary herein, ~~Collateral Additional~~ Class C Default Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class C Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (First National Funding LLC), Indenture Supplement (First National Funding LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the August 2019 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$1,186,208.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the ~~"Collateral Interest Shortfall") equal to~~ “Class A Deficiency Amount”), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount (~~"Collateral~~ “Class A Additional Interest"”) ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,794,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $81,772.64; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $117,258.12; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $734,375.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $34,018.01. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $49,999.83; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Centurion Bank), Pooling and Servicing Agreement (American Express Credit Account Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $5,775,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $261,505.23; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $381,334.29; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Class A Certificates shall be an amount equal to one- twelfth of the product of (i) the Class A Certificate Rate, times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $4,757,638.89; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate, plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution ~~Date~~ Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A B Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class A B Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class ~~A Interest Shortfall~~B Monthly Interest"); provided, ~~of (x)~~ however, that in addition to the Class A B Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class ~~A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero~~B Deficiency Amounts, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class A Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class A B Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class ~~A Interest Shortfall~~ B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class A B Certificateholders) (the "Class B Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class A B Certificates~~. Notwithstanding anything~~ , and on such Transfer Date the Trustee shall deposit such funds, to the ~~contrary herein~~extent available, into the Distribution Account; provided further, that the "Class ~~A Additional~~ B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be ~~payable or distributed to~~ calculated on the ~~Class A Certificateholders only to~~ basis of the ~~extent permitted by applicable law~~actual number of days in the related Interest Period and a 360-day year. (bc) The amount of monthly interest ~~("Class B Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the ~~Class B Certificates on any Distribution Date~~ Collateral Interest shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, times (B) the Collateral Rate in effect with respect to the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date~~related Interest Period, ~~the Closing Date) to (but excluding) such Distribution Date, and~~ times (ii) the Collateral ~~Invested Amount~~ Interest determined as of the ~~close of business on~~ Record Date preceding such Transfer Date (the ~~last day of the preceding~~ "Collateral Monthly ~~Period~~Interest"); provided, however, ~~with respect to~~ that for the ~~first Distribution Date,~~ purposes of determining Collateral Monthly Interest ~~shall be equal to the interest accrued on the Collateral Initial Invested Amount at~~ only, the Collateral Rate shall not exceed a per annum rate of 1.10% in excess of the London interbank offered rate for one-month United States dollar deposits determined by the ~~period from~~ Trustee on the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect second London Business Day prior to the ~~Collateral Invested Amount equal to~~ Transfer Date on which the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral related Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable lawPeriod commences.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("~~Class~~ CLASS A ~~Monthly Interest~~MONTHLY INTEREST") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal ~~balance~~ amount of the Class A Certificates as of the close of business on the ~~immediately~~ last day of the preceding ~~Record Date~~Monthly Period. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "~~Class~~ CLASS A ~~Interest Shortfall~~INTEREST SHORTFALL"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid,~~ an additional amount ("~~Class~~ CLASS A ~~Additional Interest~~ADDITIONAL INTEREST") equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class A ~~Certificate~~ Penalty Rate and (~~y) 2.0% per annum and (iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Class A Interest Shortfall is paid to the Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("~~Class~~ CLASS B ~~Monthly Interest~~MONTHLY INTEREST") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class B Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal amount of the Class B ~~Invested Amount~~ Certificates as of the close of business on the ~~immediately~~ last day of the preceding ~~Record Date~~Monthly Period. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "~~Class~~ CLASS B ~~Interest Shortfall~~INTEREST SHORTFALL"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid,~~ an additional amount ("~~Class~~ CLASS B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.ADDITIONAL

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (National City Credit Card Master Trust), Pooling and Servicing Agreement (National City Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Class A Certificates ~~on any Distribution Date~~ shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class A Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class A ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x) the~~ however, that in addition to Class A Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class A ~~Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero~~Deficiency Amounts, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class A Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class A Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class A ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class A Certificateholders) (the "Class A Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class A Certificates~~. Notwithstanding anything~~ , and on such Transfer Date the Trustee shall deposit such funds, to the ~~contrary herein~~extent available, into the Distribution Account; provided further, that the "Class A ~~Additional~~ Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be ~~payable or distributed to~~ calculated on the ~~Class A Certificateholders only to~~ basis of the ~~extent permitted by applicable law~~actual number of days in the related Interest Period and a 360-day year. (b) The amount of monthly interest ~~("Class B Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Class B Certificates ~~on any Distribution Date~~ shall be an amount equal to one- twelfth the product of (i) ~~a fraction~~the Class B Certificate Rate, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth the product of (A) the sum of the Class B Certificate Rate ~~for such Distribution Date~~ plus 2% per annum, and (~~iii~~B) ~~the~~ any Class B ~~Invested~~ Deficiency Amount ~~as of~~ from the ~~close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution~~ prior Transfer Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class B Certificateholders) (the "Class B Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class B Certificates~~. Notwithstanding anything~~ , and on such Transfer Date the Trustee shall deposit such funds, to the ~~contrary herein~~extent available, into the Distribution Account; provided further, that the "Class B ~~Additional~~ Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be ~~payable or distributed to~~ calculated on the ~~Class B Certificateholders only to the extent permitted by applicable law~~basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest ~~("Collateral Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Collateral ~~Invested Amount on any Distribution Date~~ Interest shall be an amount equal to one twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral ~~Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date~~Minimum Rate, ~~the Closing Date) to (but excluding) such Distribution Date, and~~ times (ii) the Collateral ~~Invested~~ Interest Initial Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) less the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder ~~only~~ with respect to the ~~extent permitted by applicable law~~Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding July 15, 1999. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $3,707,083.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $169,947.18. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $250,216.37; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the April 2019 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$2,398,611.11. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the ~~"Collateral Interest Shortfall") equal to~~ “Class A Deficiency Amount”), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount (~~"Collateral~~ “Class A Additional Interest"”) ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Class A Certificates shall be an amount equal to one- twelfth of the product of (i) the Class A Certificate Rate times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to interest accrued on the initial outstanding principal balance of the Class A Certificates at the Class A Certificate Rate from the Closing Date through and including September 14, 1998; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A B Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class A B Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class ~~A Interest Shortfall~~B Monthly Interest"); provided, ~~of (x)~~ however, that in addition to the Class A B Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class ~~A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero~~B Deficiency Amounts, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class A Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class A B Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class ~~A Interest Shortfall~~ B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class A B Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall also be ~~payable as provided herein with respect~~ distributable to the Class B Certificates~~. Notwithstanding anything to~~ , and on such Transfer Date the ~~contrary herein~~Trustee shall deposit such funds, ~~Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only~~ to the extent ~~permitted by applicable law~~available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. (c) The amount of monthly interest ~~("Collateral Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Collateral ~~Invested Amount on any Distribution Date~~ Interest shall be an amount equal to one twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral ~~Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date~~Minimum Rate, ~~the Closing Date) to (but excluding) such Distribution Date, and~~ times (ii) the Collateral ~~Invested~~ Interest Initial Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) less the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder ~~only~~ with respect to the ~~extent permitted by applicable law~~Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through and including September 14, 1998.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (iii) the outstanding principal ~~balance~~ amount of the Class A Certificates as of ~~close of business on~~ the immediately preceding Record Date. On ~~the Determination Date preceding~~ or before each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If With respect to any Distribution Date, if the Class A Interest Shortfall with respect to ~~any~~ the preceding Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid,~~ an ~~additional~~ amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (ii) the ~~sum of (x) the~~ Class A Certificate Rate ~~and (y) 2.0% per annum~~ and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to ~~the~~ Class A Certificateholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Certificates on each Distribution Date following the Distribution Date on which such Class A Interest Shortfall occurs to and including the Distribution Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to ~~the~~ Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (ii) the Class B Certificate Rate ~~for such Distribution Date~~ and (iii) the Class B Invested Amount as of the ~~close of business on the~~ immediately preceding Record Date. On ~~the Determination Date preceding~~ or before each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If With respect to any Distribution Date, if the Class B Interest Shortfall with respect to ~~any~~ the preceding Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid,~~ an ~~additional~~ amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (ii) the ~~sum of (x) the~~ Class B Certificate Rate ~~and (y) 2.0% per annum~~ and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to ~~the~~ Class B Certificateholders) shall be payable as provided herein with respect to the Class B ~~Certificates~~Certificates on each Distribution Date following the Distribution Date on which such Class B Interest Shortfall occurs to and including the Distribution Date on which such Class B Interest Shortfall is paid to Class B Certificateholders. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to ~~the~~ Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of subordinated monthly interest ("Class B Subordinated Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the excess, if any, of (x) an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, (ii) the Class B Certificate Rate and (iii) the outstanding principal amount of the Class B Certificates as of the immediately preceding Record Date over (y) the Class B Monthly Interest for such Distribution Date. On or before each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Subordinated Interest Shortfall"), of (x) the Class B Subordinated Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Subordinated Monthly Interest on such Distribution Date. With respect to any Distribution Date, if the Class B Subordinated Interest Shortfall with respect to the preceding Distribution Date is greater than zero, an amount ("Class B Subordinated Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, (ii) the Class B Certificate Rate and (iii) such Class B Subordinated Interest Shortfall (or the portion thereof which has not been paid to Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates on each Distribution Date following the Distribution Date on which such Class B Subordinated Interest Shortfall occurs to and including the Distribution Date on which such Class B Subordinated Interest Shortfall is paid to Class B Certificateholders. Notwithstanding anything to the contrary herein, Class B Subordinated Additional Interest shall be payable or distributed to Class B Certificateholders only to the extent permitted by applicable law. (d) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral ~~Invested Amount~~ Interest on any Distribution Date shall be an amount equal to the product of (i) ~~(A)~~ a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (Bii) the Collateral Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (iiiii) the Collateral Invested Amount as of the ~~close of business on the~~ last ~~day~~ Business Day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Providian National Bank), Pooling and Servicing Agreement (Providian National Bank)

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii), Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $2,197,250.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $100,016.58; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $145,252.69; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth (1/12th) of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for ~~such Distribution Date~~ the related Interest Period, and (~~iii~~ii) the outstanding principal ~~balance~~ amount of the Class A Certificates as of ~~close of business on~~ the ~~immediately~~ preceding Record Date; provided, however, with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $780,000. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid,~~ an additional amount ("Class A Additional Interest") equal to one-twelfth (1/12th) of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A ~~Certificate~~ Penalty Rate for the related Interest Period, and (~~y) 2.0% per annum and (iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not theretofore been paid to ~~the~~ Class A Certificateholders) ), shall be payable as provided herein with respect to the Class A ~~Certificates~~Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to ~~the~~ Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth (1/12th) of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for ~~such Distribution Date~~ the related Interest Period, and (~~iii~~ii) the outstanding principal amount of the Class B ~~Invested Amount~~ Certificates as of the ~~close of business on the immediately~~ preceding Record Date; provided, however, with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $89,200. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid,~~ an additional amount ("Class B Additional Interest") equal to one-twelfth (1/12th) of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B ~~Certificate~~ Penalty Rate for the related Interest Period, and (~~y) 2.0% per annum and (iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not theretofore been paid to ~~the~~ Class B Certificateholders) ), shall be payable as provided herein with respect to the Class B ~~Certificates~~Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Class B Interest Shortfall is paid to Class B Certificateholders. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to ~~the~~ Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral ~~Invested Amount~~ Indebtedness Interest on any Distribution Date shall be an amount equal to the product of (i) the outstanding principal amount of the Collateral Indebtedness Interest as of the preceding Record Date,(ii) the Collateral Rate for the related interest Period, and (Aiii) a fraction, the numerator of which is the actual number of days in ~~the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding)~~ such ~~Distribution Date~~ Interest Period and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, the Collateral Monthly Interest shall be equal to ~~the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$90,781.25 . On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "Collateral Interest Shortfall"~~) equal to~~ ), of (x) the ~~aggregate~~ Collateral Monthly Interest for such Distribution Date ~~minus~~ over (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid,~~ an additional amount ("Collateral Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in ~~the period from (and including) the immediately preceding Distribution Date to (but excluding)~~ such ~~Distribution Date~~ Interest Period and the denominator of which is 360, times (B) the Collateral Penalty Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not theretofore been paid to the Collateral Indebtedness Holder) shall be payable as provided herein with respect to the Collateral Indebtedness Interest on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Collateral Interest Shortfall is paid to the Collateral Indebtedness Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral ~~Interest~~ Indebtedness Holder only to the extent permitted by applicable law. (d) The amount of monthly interest ("Class D Monthly Interest") distributable from the Collection Account with respect to the Class D Certificates on any Distribution Date shall be an amount equal to the product of (i) the Class D Certificate Rate for the related Interest Period; (ii) the outstanding principal amount of the Class D Certificates as of the preceding Record Date; and (iii) a fraction, the numerator of which is the actual number of days in such Interest Period and the denominator of which is 360; provided, however, with respect to the first Distribution Date, Class D Monthly Interest shall be equal to $64,548.61. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class D Interest Shortfall"), of (x) the Class D Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class D Monthly Interest on such Distribution Date. If the Class D Interest Shortfall with respect to any Distribution Date is greater than zero, an additional amount ("Class D Additional Interest") equal to the product of (i) (A) the actual number of days in the related Interest Period divided by 360, times (B) the Class D Penalty Rate and (ii) such Class D Interest Shortfall (or the portion thereof which has not theretofore been paid to Class D Certificateholders) shall be payable as provided herein with respect to the Class D Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Class D Interest Shortfall is paid to Class D Certificateholders. Notwithstanding anything to the contrary herein, Class D Additional Interest shall be payable or distributed to Class D Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Series Supplement to the Master Pooling and Servicing Agreement (Proffitts Credit Card Master Trust), Master Pooling and Servicing Agreement (Proffitts Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the July 2023 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$2,879,527.78. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the ~~"Collateral Interest Shortfall") equal to~~ “Class A Deficiency Amount”), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount (~~"Collateral~~ “Class A Additional Interest"”) ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the August 2019 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$2,099,500.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the ~~"Collateral Interest Shortfall") equal to~~ “Class A Deficiency Amount”), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount (~~"Collateral~~ “Class A Additional Interest"”) ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Class A Certificates shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Class A Certificate Rate in effect with respect to the related Interest Period, times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to the product of (A) (1) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (2) the sum of the Class A Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Class B Certificate Rate in effect with respect to the related Interest Period, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to the product of (A) (1) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (2) the sum of the Class B Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii) the ~~Class A Certificate~~ Collateral Minimum Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (iii) the ~~outstanding principal balance of~~ Collateral Interest Initial Amount less the ~~Class A Certificates as of close of business on~~ aggregate amount distributed to the ~~immediately preceding Record Date. On~~ Collateral Interest Holder with respect to the ~~Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any~~ Collateral Monthly Principal for all prior Transfer Dates (the "~~Class A Interest Shortfall~~Collateral Minimum Monthly Interest"); provided, of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall however, that with respect to ~~any Distribution~~ the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date ~~is greater than zero~~through but excluding August 16, 1999 and from and including August 16, 1999 through but excluding September 15, 1999. Collateral Minimum Monthly Interest shall be calculated on ~~each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to~~ the ~~product~~ basis of ~~(i)~~ a ~~fraction, the numerator of which is~~ the actual number of days in the ~~period from (~~related Interest Period and ~~including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is~~ a 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law-day year. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of the preceding Record Date; provided, however, that, with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $ 3,856,111.11; and provided further, that -------- ------- with respect to the first Distribution Date following the Monthly Period in which an Additional Issuance Date occurs, Class A Monthly Interest shall be increased by the amount equal to the product of (a) a fraction, the numerator of which is the actual number of days in the period from (and ~~including) the immediately preceding Distribution~~ including such Additional Issuance Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (iib) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~c) the increase in the outstanding principal balance of the Class A Certificates as a result of ~~close of business on the immediately preceding Record Date~~such Additional Issuance. On the Determination Date preceding each ~~Distribution~~ Payment Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for the Interest Period applicable to such ~~Distribution~~ Payment Date over (y) the ---- aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such ~~Distribution~~ Payment Date. If the Class A Interest Shortfall with respect to any ~~Distribution~~ Payment Date is greater than zero~~, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in from and including the ~~period from (and including) the immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (ii) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to ~~the~~ Class A Certificateholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Certificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to ~~the~~ Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the preceding Record Date; provided, however, with respect to the first Distribution Date, Class B Monthly -------- ------- Interest shall be equal to $390,258.74; and provided further, that with respect -------- ------- to the first Distribution Date following the Monthly Period in which an Additional Issuance Date occurs, Class B Monthly Interest shall be increased by the amount equal to the product of (a) a fraction, the numerator of which is the actual number of days in the period from (and ~~including) the immediately preceding Distribution~~ including such Additional Issuance Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (iib) the Class B Certificate Rate ~~for such Distribution Date~~ and (~~iii~~c) the increase in the outstanding principal balance of the Class B ~~Invested Amount~~ Certificates as a result of ~~the close of business on the immediately preceding Record Date~~such Additional Issuance. On the Determination Date preceding each ~~Distribution~~ Payment Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for the Interest Period applicable to such ~~Distribution~~ Payment Date over (y) the aggregate amount of funds allocated and available to pay such ---- Class B Monthly Interest on such ~~Distribution~~ Payment Date. If the Class B Interest Shortfall with respect to any ~~Distribution~~ Payment Date is greater than zero~~, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid~~, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in from and including the ~~period from (and including) the immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (ii) the ~~sum of (x) the~~ Class B ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to ~~the~~ Class B Certificateholders) shall be payable as provided herein with respect to the Class B ~~Certificates~~Certificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class B Interest Shortfall is paid to Class B Certificateholders. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to ~~the~~ Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("~~Collateral~~ Class C Monthly Interest") distributable from the Collection Account with respect to the ~~Collateral Invested Amount~~ Class C Interests on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the ~~immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, times (B) the ~~Collateral~~ Class C Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the ~~Collateral Invested Amount~~ outstanding principal balance of the Class C Interests as of the ~~close of business on the last day of the~~ preceding ~~Monthly Period~~Record Date; provided, however, with respect to -------- ------- the first Distribution Date, ~~Collateral~~ Class C Monthly Interest shall be equal to the interest accrued on the ~~Collateral~~ Class C Initial Invested Amount at the ~~Collateral~~ Class C Interest Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "~~Collateral~~ Class C Interest Shortfall"~~) equal to~~ ), of (x) the ~~aggregate Collateral~~ Class C Monthly Interest for such Distribution Date ~~minus~~ over (y) the ---- aggregate amount of funds allocated and available to pay such ~~Collateral~~ Class C Monthly Interest on such Distribution ~~Date~~Date (including the proceeds of any draw made on the Class C Spread Account as provided in the Class C Supplemental Agreement). If the ~~Collateral~~ Class C Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid,~~ an additional amount ("~~Collateral~~ Class C Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i~~) (A~~) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the ~~immediately~~ preceding Distribution Date to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (Bii) the ~~Collateral~~ Class C Interest Rate ~~in effect during the period from~~ and (~~and including) the immediately preceding Distribution Date to (but excluding~~iii) such ~~Distribution Date, and (ii) such Collateral~~ Class C Interest Shortfall (or the portion thereof which has not been paid to the ~~Collateral~~ Class C Interest ~~Holder)~~Holders) shall be payable as provided herein with respect to the Class C Interests on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Class C Interest Shortfall is paid to the Class C Interest Holders. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class C Additional Interest shall be payable or distributed to the ~~Collateral~~ Class C Interest ~~Holder~~ Holders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Capital One Master Trust), Pooling and Servicing Agreement (Capital One Financial Corp)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A ~~Certificates~~ Notes on any ~~Distribution~~ Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the immediately preceding ~~Distribution~~ Payment Date (or or, in the case of the first ~~Distribution~~ Payment Date, the Closing Date) to (but ~~excluding)~~ excluding such ~~Distribution~~ Payment Date and the denominator of which is 360, (ii) the Class A ~~Certificate~~ Note Interest Rate then in effect for ~~such Distribution Date~~ the related Interest Period and (iii) the ~~outstanding principal balance~~ Outstanding Principal Dollar Amount of the Class A ~~Certificates~~ Notes as of the close of business on the immediately preceding Record Date. On the ~~Determination~~ Note Transfer Date preceding each ~~Distribution~~ Payment Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such ~~Distribution~~ Payment Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such ~~Distribution~~ Payment Date. If the Class A Interest Shortfall with respect to any ~~Distribution~~ Payment Date is greater than zero, on each subsequent ~~Distribution~~ Payment Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the immediately preceding ~~Distribution~~ Payment Date (or or, in the case of the first ~~Distribution~~ Payment Date, the Closing Date) to (but ~~excluding)~~ excluding such ~~Distribution~~ Payment Date and the denominator of which is 360, (ii) the sum of (x) the Class A ~~Certificate~~ Note Interest Rate in effect for the related Interest Period and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A ~~Certificateholders~~Noteholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A ~~Certificateholders~~ Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B ~~Certificates~~ Notes on any ~~Distribution~~ Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the immediately preceding ~~Distribution~~ Payment Date (or or, in the case of the first ~~Distribution~~ Payment Date, the Closing Date) to (but ~~excluding)~~ excluding such ~~Distribution~~ Payment Date and the denominator of which is 360, (ii) the Class B ~~Certificate~~ Note Interest Rate then in effect for ~~such Distribution Date~~ the related Interest Period and (iii) the Outstanding Dollar Principal Amount of the Class B ~~Invested Amount~~ Notes as of the close of business on the immediately preceding Record Date. On the ~~Determination~~ Note Transfer Date preceding each ~~Distribution~~ Payment Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such ~~Distribution~~ Payment Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such ~~Distribution~~ Payment Date. If the Class B Interest Shortfall with respect to any ~~Distribution~~ Payment Date is greater than zero, on each subsequent ~~Distribution~~ Payment Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the immediately preceding ~~Distribution~~ Payment Date (or or, in the case of the first ~~Distribution~~ Payment Date, the Closing Date) to (but ~~excluding)~~ excluding such ~~Distribution~~ Payment Date and the denominator of which is 360, (ii) the sum of (x) the Class B ~~Certificate~~ Note Interest Rate in effect for the related Interest Period and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B ~~Certificateholders~~Noteholders) shall be payable as provided herein with respect to the Class B ~~Certificates~~Notes. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B ~~Certificateholders~~ Noteholders only to the extent permitted by applicable law. (c) The amount of monthly interest (~~"Collateral~~ “Class C Monthly Interest"”) distributable from the Collection Account with respect to the ~~Collateral Invested Amount~~ Class C Notes on any ~~Distribution~~ Payment Date shall be an amount equal to the product of (i~~) (A~~) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the immediately preceding ~~Distribution~~ Payment Date (or or, in the case of the first ~~Distribution~~ Payment Date, the Closing Date) to (but ~~excluding)~~ excluding such ~~Distribution~~ Payment Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the ~~Collateral Invested~~ Class C Note Interest Rate then in effect for the related Interest Period and (iii) the Outstanding Dollar Principal Amount of the Class C Notes as of the close of business on the ~~last day of the~~ immediately preceding ~~Monthly Period~~Record Date; provided, however, ~~with respect to~~ that in the ~~first Distribution Date, Collateral Monthly~~ event the Class C Note Interest ~~shall be equal to~~ Rate has been modified (as described in the ~~interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for~~ definition thereof) during the period from and including the ~~Closing~~ preceding Payment Date to but excluding such Payment Date, the ~~first Distribution Date~~rate described in (ii) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class C Note Interest Rate was in effect during such period and a year of 360 days. On the ~~Determination~~ Note Transfer Date preceding each ~~Distribution~~ Payment Date, the Servicer shall determine an amount (the ~~"Collateral~~ “Class C Interest Shortfall"”) equal to (x) the aggregate ~~Collateral~~ Class C Monthly Interest for such ~~Distribution~~ Payment Date minus (y) the aggregate amount of funds allocated and available to pay such ~~Collateral~~ Class C Monthly Interest on such ~~Distribution~~ Payment Date. If the ~~Collateral~~ Class C Interest Shortfall with respect to any ~~Distribution~~ Payment Date is greater than zero, on each subsequent ~~Distribution~~ Payment Date until such ~~Collateral~~ Class C Interest Shortfall is fully paid, an additional amount (~~"Collateral~~ “Class C Additional Interest"”) ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i~~) (A~~) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the immediately preceding ~~Distribution~~ Payment Date (or, in the case of the first Payment Date, the Closing Date) to (but ~~excluding)~~ excluding such ~~Distribution~~ Payment Date and the denominator of which is 360, (Bii) the ~~Collateral~~ sum of (x) the Class C Note Interest Rate in effect ~~during~~ for the ~~period from~~ related Interest Period and (y) 2.0% per annum and ~~including) the immediately preceding Distribution Date to~~ (~~but excluding~~iii) such ~~Distribution Date, and (ii) such Collateral~~ Class C Interest Shortfall (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class C Noteholders) shall be payable as provided herein with respect to the Class C Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class C Additional Interest shall be payable or distributed to ~~the Collateral Interest Holder~~ Class C Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (American Express Issuance Trust), Indenture Supplement (American Express Issuance Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the December 2017 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$1,058,750. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "~~Collateral Interest Shortfall~~Class A Deficiency Amount"~~) equal to~~ ), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount ("~~Collateral~~ Class A Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class M Monthly Interest") distributable from the Distribution Account with respect to the Class M Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class M Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class M Note Initial Principal Balance); provided that the Class M Monthly Interest for the December 2017 Distribution Date shall be $93,470.18. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class M Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(b) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class M Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class M Deficiency Amount is fully paid, an additional amount ("Class M Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class M Deficiency Amount (or the portion thereof which has not been paid to the Class M Noteholders) shall be payable as provided herein with respect to the Class M Notes. Notwithstanding anything to the contrary herein, Class M Additional Interest shall be payable or distributed to the Class M Noteholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Class B Monthly Interest") distributable from the Distribution Account with respect to the Class B Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class B Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class B Note Initial Principal Balance); provided that the Class B Monthly Interest for the December 2017 Distribution Date shall be $65,312.50. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(c) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class B Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Deficiency Amount is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class B Deficiency Amount (or the portion thereof which has not been paid to the Class B Noteholders) shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the November 2016 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$742,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "~~Collateral Interest Shortfall~~Class A Deficiency Amount"~~) equal to~~ ), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount ("~~Collateral~~ Class A Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class M Monthly Interest") distributable from the Distribution Account with respect to the Class M Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class M Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class M Note Initial Principal Balance); provided that the Class M Monthly Interest for the November 2016 Distribution Date shall be $49,928.94. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class M Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(b) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class M Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class M Deficiency Amount is fully paid, an additional amount ("Class M Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class M Deficiency Amount (or the portion thereof which has not been paid to the Class M Noteholders) shall be payable as provided herein with respect to the Class M Notes. Notwithstanding anything to the contrary herein, Class M Additional Interest shall be payable or distributed to the Class M Noteholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Class B Monthly Interest") distributable from the Distribution Account with respect to the Class B Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class B Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class B Note Initial Principal Balance); provided that the Class B Monthly Interest for the November 2016 Distribution Date shall be $41,951.71. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(c) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class B Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Deficiency Amount is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class B Deficiency Amount (or the portion thereof which has not been paid to the Class B Noteholders) shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Note Trust), Indenture Supplement (World Financial Network Credit Card Master Note Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the November 2018 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$1,384,000. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "~~Collateral Interest Shortfall~~Class A Deficiency Amount"~~) equal to~~ ), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount ("~~Collateral~~ Class A Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class M Monthly Interest") distributable from the Distribution Account with respect to the Class M Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class M Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class M Note Initial Principal Balance); provided that the Class M Monthly Interest for the November 2018 Distribution Date shall be $113,268.77. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class M Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(b) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class M Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class M Deficiency Amount is fully paid, an additional amount ("Class M Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class M Deficiency Amount (or the portion thereof which has not been paid to the Class M Noteholders) shall be payable as provided herein with respect to the Class M Notes. Notwithstanding anything to the contrary herein, Class M Additional Interest shall be payable or distributed to the Class M Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $3,202,222.22. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $144,312.41; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $213,016.41; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $3,161,527.78. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $143,655.63; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $205,220.93; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,487,500.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $68,750.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $102,083.33; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,484,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $67,000.56. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $99,734.89; provided, however, that in the event the Collateral Senior Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Senior Minimum Interest Rate was in effect during such period and a year of 360 days.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("~~Class~~ CLASS A ~~Monthly Interest~~MONTHLY INTEREST") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal ~~balance~~ amount of the Class A Certificates as of the close of business on the ~~immediately~~ last day of the preceding ~~Record Date~~Monthly Period. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "~~Class~~ CLASS A ~~Interest Shortfall~~INTEREST SHORTFALL"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid,~~ an additional amount ("~~Class~~ CLASS A ~~Additional Interest~~ADDITIONAL INTEREST") equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class A ~~Certificate~~ Penalty Rate and (~~y) 2.0% per annum and (iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Class A Interest Shortfall is paid to the Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("~~Class~~ CLASS B ~~Monthly Interest~~MONTHLY INTEREST") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class B Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal amount of the Class B ~~Invested Amount~~ Certificates as of the close of business on the ~~immediately~~ last day of the preceding ~~Record Date~~Monthly Period. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "~~Class~~ CLASS B ~~Interest Shortfall~~INTEREST SHORTFALL"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid,~~ an additional amount ("~~Class~~ CLASS B ~~Additional Interest~~ADDITIONAL INTEREST") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the ~~Collateral~~ Class B Penalty Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such ~~Collateral~~ Class B Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.been

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (National City Credit Card Master Trust), Pooling and Servicing Agreement (National City Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly ~~Interest~~Interest Payment") distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates~~ Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period] and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class A ~~Certificate Rate for such Distribution Date and (iii) the outstanding principal balance~~ Note Principal Balance as of the ~~Class A Certificates as of~~ close of business on the ~~immediately~~ last day of the preceding ~~Record~~ Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance). On the Determination Date preceding each Distribution Date, ~~the~~ Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the ~~Class A Monthly Interest for such~~ aggregate amount accrued pursuant to this Section 4.02(a) as of the prior Distribution Date over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Class A Monthly Interest on such Distribution Date~~amount. If the Class A Interest Shortfall ~~with respect to~~ for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A ~~Additional~~ Default Interest") equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period] and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class A ~~Certificate~~ Note Interest Rate in effect with respect to the related Interest Period and (~~y) 2.0% per annum and (iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A ~~Certificateholders~~Noteholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Notes. Notwithstanding anything to the contrary herein, Class A ~~Additional~~ Default Interest shall be payable or distributed to the Class A ~~Certificateholders~~ Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly ~~Interest~~Interest Payment") distributable from the ~~Collection~~ Distribution Account with respect to the Class B ~~Certificates~~ Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period] and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class B ~~Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount~~ Note Principal Balance as of the close of business on the ~~immediately~~ last day of the preceding ~~Record~~ Monthly Period (or, with respect to the initial Distribution Date, the Class B Note Initial Principal Balance). On the Determination Date preceding each Distribution Date, ~~the~~ Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the ~~Class B Monthly Interest for such~~ aggregate amount accrued pursuant to this Section 4.02(b) as of the prior Distribution Date over (y) the ~~aggregate~~ amount of funds ~~allocated and available to pay~~ actually transferred from the Distribution Account for payment of such ~~Class B Monthly Interest on such Distribution Date~~amount. If the Class B Interest Shortfall ~~with respect to~~ for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B ~~Additional~~ Default Interest") equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period] and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class B ~~Certificate~~ Note Interest Rate in effect with respect to the related Interest Period and (~~y) 2.0% per annum and (iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B ~~Certificateholders~~Noteholders) shall be payable as provided herein with respect to the Class B ~~Certificates~~Notes. Notwithstanding anything to the contrary herein, Class B ~~Additional~~ Default Interest shall be payable or distributed to the Class B ~~Certificateholders~~ Noteholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("~~Collateral~~ Class C Monthly ~~Interest~~Interest Payment") distributable from the ~~Collection~~ Distribution Account with respect to the ~~Collateral Invested Amount~~ Class C Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period] and the denominator of which is 360, times (B) the ~~Collateral~~ Class C Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ related Interest Period and (ii) the ~~Collateral Invested Amount~~ Class C Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral Monthly Interest shall be equal to~~ the ~~interest accrued on the Collateral~~ Class C Note Initial ~~Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~Principal Balance). On the Determination Date preceding each Distribution Date, ~~the~~ Servicer shall determine ~~an amount~~ the excess, if any (the "~~Collateral~~ Class C Interest Shortfall"~~) equal to~~ ), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.02(c) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount of funds ~~allocated and available to pay~~ actually transferred from the Distribution Account for payment of such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral~~ Class C Interest Shortfall ~~with respect to~~ for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral~~ Class C Interest Shortfall is fully paid, an additional amount ("~~Collateral Additional~~ Class C Default Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is [30] [the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ related Interest Period] and the denominator of which is 360, times (B) the ~~Collateral~~ Class C Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ related Interest Period and (ii) such ~~Collateral~~ Class C Interest Shortfall (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class C Noteholders) shall be payable as provided herein with respect to the Class C Notes. Notwithstanding anything to the contrary herein, ~~Collateral Additional~~ Class C Default Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class C Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (First Bankcard Master Credit Card Trust), Indenture Supplement (First Bankcard Master Credit Card Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the September 2017 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$638,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "~~Collateral Interest Shortfall~~Class A Deficiency Amount"~~) equal to~~ ), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount ("~~Collateral~~ Class A Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class M Monthly Interest") distributable from the Distribution Account with respect to the Class M Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class M Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class M Note Initial Principal Balance); provided that the Class M Monthly Interest for the September 2017 Distribution Date shall be $55,584.88. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class M Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(b) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class M Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class M Deficiency Amount is fully paid, an additional amount ("Class M Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class M Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class M Deficiency Amount (or the portion thereof which has not been paid to the Class M Noteholders) shall be payable as provided herein with respect to the Class M Notes. Notwithstanding anything to the contrary herein, Class M Additional Interest shall be payable or distributed to the Class M Noteholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Class B Monthly Interest") distributable from the Distribution Account with respect to the Class B Notes for any Interest Period on the related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Distribution Period and (ii) the Class B Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class B Note Initial Principal Balance); provided that the Class B Monthly Interest for the September 2017 Distribution Date shall be $30,081.80. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Deficiency Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2(c) as of the prior Distribution Date over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class B Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Deficiency Amount is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class B Deficiency Amount (or the portion thereof which has not been paid to the Class B Noteholders) shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Noteholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the Class A Certificates ~~on any Distribution~~ shall be determined as of each Transfer Date and shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the Class A Certificate Rate in effect with respect to the related Interest Period, and (ii) the Class A ~~Certificate Rate for such Distribution Date and (iii) the outstanding principal balance~~ Ownership Interest determined as of the ~~Class A Certificates as of close of business on the immediately preceding~~ Record ~~Date. On the Determination~~ Date ~~preceding each Distribution Date, the Servicer shall determine the excess, if any~~ occurring during such Interest Period (the "Class A ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x) the~~ however, that in addition to Class A Monthly Interest ~~for such Distribution Date over~~ an amount equal to the sum of (yi) the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class A ~~Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero~~Deficiency Amounts, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~as defined below, and (ii) an ~~additional~~ amount ~~("Class A Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) ~~the sum of (x)~~ a rate equal to 2% over the Class A Certificate Rate in effect with respect to the related Interest Period, and (yB) ~~2.0% per annum and (iii) such~~ any Class A ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class A Certificateholders) (such sum, the "Class A Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class A Certificates~~. Notwithstanding anything~~ ; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the ~~contrary herein~~excess, ~~Class A Additional~~ if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest ~~shall be payable or distributed to~~ Period over the ~~Class A Certificateholders only to~~ amount actually paid in respect thereof on the ~~extent permitted by applicable law~~preceding Distribution Date. (b) The amount of monthly interest ~~("Class B Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the Class B Certificates ~~on any Distribution~~ shall be determined as of each Transfer Date and shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the Class B Certificate Rate in effect with respect to the related Interest Period, and (ii) the Class B ~~Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount~~ Ownership Interest determined as of the ~~close of business on the immediately preceding~~ Record ~~Date. On the Determination~~ Date ~~preceding each Distribution Date, the Servicer shall determine the excess, if any~~ occurring during such Interest Period (the "Class B ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x) the~~ however, that in addition to Class B Monthly Interest ~~for such Distribution Date over~~ an amount equal to the sum of (yi) the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class B ~~Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero~~Deficiency Amounts, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid~~as defined below, and (ii) an ~~additional~~ amount ~~("Class B Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) ~~the sum of (x)~~ a rate equal to 2% over the Class B Certificate Rate in effect with respect to the related Interest Period, and (yB) ~~2.0% per annum and (iii) such~~ any Class B ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class B Certificateholders) (such sum, the "Class B Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class B Certificates; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually paid in respect thereof on the preceding Distribution Date. Notwithstanding anything to the contrary herein, payment of any Class B Additional Interest shall be ~~payable or distributed to~~ suspended during any period when the Class B ~~Certificateholders only to~~ Ownership Interest is zero and payment thereof shall be cancelled on the ~~extent permitted by applicable law~~first date during the Class B Controlled Amortization Period or, if applicable, the Rapid Amortization Period when the Class B Ownership Interest is or becomes zero. (c) The amount of monthly interest ~~("Collateral Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the ~~Collateral Invested Amount on any Distribution~~ Class C Certificates shall be determined as of each Transfer Date and shall be an amount equal to the product of (~~i) (A~~i)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the ~~Collateral~~ Class C Certificate Rate in effect with respect to the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~related Interest Period, and (ii) the ~~Collateral Invested Amount~~ Class C Ownership Interest determined as of the ~~close of business on~~ Record Date occurring during such Interest Period (the ~~last day of the preceding~~ "Class C Monthly ~~Period~~Interest"); provided, however, ~~with respect~~ that in addition to ~~the first Distribution Date, Collateral~~ Class C Monthly Interest ~~shall be~~ an amount equal to the ~~interest accrued on~~ sum of (i) the ~~Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date~~amount of any unpaid Class C Deficiency Amounts, ~~the Servicer shall determine~~ as defined below, and (ii) an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (iA) (A1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (2) a rate equal to 2% over the Class C Certificate Rate in effect with respect to the related Interest Period, and (B) any Class C Deficiency Amount from the ~~Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution~~ prior Transfer Date, ~~and (ii) such Collateral Interest Shortfall~~ as defined below (or the portion thereof which has not theretofore been paid to Class C Certificateholders) (such sum, the ~~Collateral~~ "Class C Additional Interest") shall also be distributable to the Class C Certificates; provided further, that the "Class C Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(c) as of the prior Interest ~~Holder)~~Period over the amount actually paid in respect thereof on the preceding Distribution Date. Notwithstanding anything to the contrary contained herein, ~~Collateral~~ payment of any Class C Additional Interest shall be ~~payable~~ suspended during any period when the Class C Ownership Interest is zero and payment thereof shall be cancelled on the first date during the Class C Controlled Amortization Period or, if applicable, the Rapid Amortization Period when the Class C Ownership Interest is or ~~distributed to the Collateral Interest Holder only to the extent permitted by applicable law~~becomes zero.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (A I Receivables Corp), Pooling and Servicing Agreement (A I Receivables Corp)

Determination of Monthly Interest. (a) ~~The amount~~ Pursuant to and in accordance with the Note Purchase Agreement, on or before the second Business Day after the end of ~~monthly interest ("~~each calendar month, the Class A Agent shall calculate the Class A Note Rate and the Class A Monthly ~~Interest")~~ Interest distributable from the Collection Account ~~with respect to the Class A Certificates~~ on any Distribution Date for the related Due Period and shall ~~be an amount equal to~~ provide the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance Servicer with written notice of the Class A Certificates as of close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) Note Rate and the Class A Monthly Interest for such ~~Distribution Date over (y)~~ Due Period. Notwithstanding anything to the ~~aggregate amount of funds allocated and available to pay such~~ contrary herein, the Class A Monthly Interest shall be distributed on ~~such~~ the Class A Notes only to the extent permitted by applicable law. (b) On each Determination Date, the Servicer shall determine and notify the Indenture Trustee in writing of the Class A Interest Shortfall, if any. If, on any Distribution Date~~. If~~ , the Class A Interest Shortfall ~~with respect to any Distribution Date~~ is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, ~~an additional amount ("~~the Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest ~~Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders)~~ shall be payable as provided herein with respect to the Class A ~~Certificates~~Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~payable or~~ distributed with respect to the Class A ~~Certificateholders~~ Notes only to the extent permitted by applicable law. (bc) ~~The amount of monthly interest ("~~On each Determination Date, the Servicer shall calculate the Class B Monthly ~~Interest") distributable~~ Interest to be distributed from the Collection Account ~~with respect~~ on the related Distribution Date. Notwithstanding anything to the contrary herein, the Class B ~~Certificates on any Distribution Date~~ Monthly Interest shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) distributed on the Class B ~~Certificate Rate for such Distribution Date and~~ Notes only to the extent permitted by applicable law. (~~iii~~d) ~~the Class B Invested Amount as of the close of business on the immediately preceding Record Date.~~ On ~~the~~ each Determination ~~Date preceding each Distribution~~ Date, the Servicer shall determine and notify the ~~excess, if any (~~Indenture Trustee in writing of the "Class B Interest Shortfall"), ~~of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest~~ if any. If, on ~~such~~ any Distribution Date~~. If~~ , the Class B Interest Shortfall ~~with respect to any Distribution Date~~ is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, ~~an additional amount ("~~the Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest ~~Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders)~~ shall be payable as provided herein with respect to the Class B ~~Certificates~~Notes. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be ~~payable or~~ distributed with respect to the Class B ~~Certificateholders~~ Notes only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Indenture Supplement (Nordstrom Inc)

Determination of Monthly Interest. (a) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Class A Certificates ~~on any Distribution Date~~ shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class A Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class A ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x) the~~ however, that in addition to Class A Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class A ~~Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero~~Deficiency Amounts, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class A Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class A Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class A ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class A Certificateholders) (the "Class A Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class A Certificates~~. Notwithstanding anything~~ , and on such Transfer Date the Trustee shall deposit such funds, to the ~~contrary herein~~extent available, into the Distribution Account; provided further, that the "Class A ~~Additional~~ Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be ~~payable or distributed to~~ calculated on the ~~Class A Certificateholders only to~~ basis of the ~~extent permitted by applicable law~~actual number of days in the related Interest Period and a 360-day year. (b) The amount of monthly interest ~~("Class B Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Class B Certificates ~~on any Distribution Date~~ shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class B Certificate Rate ~~for such Distribution Date and~~ in effect with respect to the related Interest Period, times (~~iii~~ii) the outstanding principal balance of the Class B ~~Invested Amount~~ Certificates determined as of the ~~close of business on the immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class B ~~Interest Shortfall~~Monthly Interest"); provided, ~~of (x)~~ however, that in addition to the Class B Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class B ~~Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero~~Deficiency Amounts, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Class B Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (ii2) the sum of ~~(x)~~ the Class B Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (yB) ~~2.0% per annum and (iii) such~~ any Class B ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to ~~the~~ Class B Certificateholders) (the "Class B Additional Interest") shall also be ~~payable as provided herein with respect~~ distributable to the Class B Certificates~~. Notwithstanding anything~~ , and on such Transfer Date the Trustee shall deposit such funds, to the ~~contrary herein~~extent available, into the Distribution Account; provided further, that the "Class B ~~Additional~~ Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be ~~payable or distributed to~~ calculated on the ~~Class B Certificateholders only to~~ basis of the ~~extent permitted by applicable law~~actual number of days in the related Interest Period and a 360-day year. (c) The amount of monthly interest ~~("Collateral Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Collateral ~~Invested Amount on any Distribution Date~~ Interest shall be an amount equal to one- twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral ~~Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date~~Minimum Rate, ~~the Closing Date) to (but excluding) such Distribution Date, and~~ times (ii) the Collateral ~~Invested~~ Interest Initial Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) less the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder ~~only~~ with respect to the ~~extent permitted by applicable law~~Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding May 15, 2001. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of ~~monthly interest ("Class A Monthly Interest")~~ collections of Finance Charge and Admin- istrative Receivables distributable from the Collection Account with respect to the ~~Class A Certificates~~ Series 1997-2 Participation Interest on any Distribution Date shall be an amount equal to the product of (i) ~~a fraction,~~ the ~~numerator~~ Series 1997-2 Participation Interest Pass-Through Rate and (ii) the unpaid principal balance of ~~which is~~ the Series 1997-2 Participation Interest on the first day of the related Interest Period determined on the basis of the actual number of days in ~~the period from~~ such Interest Period and a 360-day year (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date"Series 1997-2 Participation Interest Monthly Interest"). On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~the excess, if any~~ an amount (the "~~Class A~~ Series 1997-2 Participation Interest Interest Shortfall"), ) equal to the sum of (a) (x) the ~~Class A~~ Series 1997-2 Participation Interest Monthly Interest for the Interest Period applicable to such Distribution Date ~~over~~ minus (y) the ~~aggregate~~ amount of ~~funds allocated~~ collections of Finance Charge and ~~available~~ Administrative Receivables which will be on deposit in the Collection Account and allocable to ~~pay such Class A Monthly~~ the Series 1997-2 Participation Interest on such Distribution Date and (b) the sum of the amounts calculated pursuant to clause (a) on each preceding Distribution Date. If the ~~Class A~~ Series 1997-2 Participation Interest Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Class A~~ Series 1997-2 Participation Interest Interest Shortfall is fully paid, pursuant to Section 4.11(a), an additional amount ("~~Class A~~ Additional Interest") shall be payable as provided herein with respect to the Series 1997-2 Participation Interest Monthly Interest on each Distribution Date following such Distribution Date, excluding the Distribution Date on which the Series 1997-2 Participation Interest Interest Shortfall is paid to the Series 1997-2 Participants equal to the product of (i) ~~a fraction,~~ the ~~numerator of which is the actual number of days in the period from (~~Series 1997-2 Participation Interest Pass-Through Rate and ~~including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360,~~ (ii) ~~the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii)~~ such ~~Class A~~ Series 1997-2 Participation Interest Interest Shortfall (or the portion thereof which has not been paid to the ~~Class A Certificateholders~~Series 1997-2 Participants) ~~shall be payable as provided herein with respect to~~ determined on the ~~Class A Certificates~~basis of the actual number of days in the related Interest Period and a 360-day year. Notwithstanding anything to the contrary herein, ~~Class A~~ Additional Interest shall be payable or distributed to the ~~Class A Certificateholders only to the extent permitted by applicable law~~Series 1997-2 Participants. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Household Consumer Loan Trust 1997-2)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the ~~immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (iii) the outstanding principal balance of the Class A Certificates as of ~~close of business~~ the preceding Record Date; provided, however, that, with -------- ------- respect to the first Distribution Date, Class A Monthly Interest shall be equal to the interest accrued on the ~~immediately preceding Record~~ initial principal balance of the Class A Certificates at the Class A Certificate Rate for the period from and including the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each ~~Distribution~~ Payment Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for the Interest Period applicable to such ~~Distribution~~ Payment Date over (y) the aggregate amount of funds allocated and available to pay such ---- Class A Monthly Interest on such ~~Distribution~~ Payment Date. If the Class A Interest Shortfall with respect to any ~~Distribution~~ Payment Date is greater than zero~~, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in from and including the ~~period from (and including) the immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (ii) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to ~~the~~ Class A Certificateholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Certificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to ~~the~~ Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in from and including the ~~period from (and including) the immediately~~ preceding Distribution Date ~~(or in the case of the first~~ to but excluding such Distribution Date, ~~the Closing Date) to (but excluding) such Distribution Date~~ and the denominator of which is 360, (ii) the Class B Certificate Rate ~~for such Distribution Date~~ and (iii) the outstanding principal balance of the Class B ~~Invested Amount~~ Certificates as of the ~~close of business~~ preceding Record Date; provided, however, that, with respect to the first -------- ------- Distribution Date, Class B Monthly Interest shall be equal to the interest accrued on the ~~immediately preceding Record~~ initial principal balance of the Class B Certificates at the Class B Certificate Rate for the period from and including the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each ~~Distribution~~ Payment Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for the Interest Period applicable to such ~~Distribution~~ Payment Date over (y) the aggregate amount of funds allocated and available to pay such ---- Class B Monthly Interest on such ~~Distribution~~ Payment Date. If the Class B Interest Shortfall with respect to any ~~Distribution~~ Payment Date is greater than zero~~, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid~~, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in from and including the ~~period from (and including) the immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (ii) the ~~sum of (x) the~~ Class B ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to ~~the~~ Class B Certificateholders) shall be payable as provided herein with respect to the Class B ~~Certificates~~Certificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class B Interest Shortfall is paid to Class B Certificateholders. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to ~~the~~ Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Minimum Monthly Interest") distributable from the Collection Account with respect to the Collateral ~~Invested Amount~~ Interest on any Distribution Date shall be an amount equal to one- twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the outstanding principal balance of the Collateral ~~Invested Amount~~ Interest as of the ~~close of business on the last day of the~~ preceding ~~Monthly Period~~Record Date; provided, however, that, with respect to the first Distribution -------- ------- Date, Collateral Minimum Monthly Interest shall be equal to ~~the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$320,833.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "Collateral Interest Shortfall"~~) equal to~~ ), of (x) the ~~aggregate~~ Collateral Minimum Monthly Interest for such Distribution Date ~~minus~~ over (y) the aggregate amount of funds allocated and available ---- to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid,~~ an additional amount ("Collateral Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder)) shall be payable as provided herein with respect to the Collateral Interest on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Collateral Interest Shortfall is paid to the Collateral Interest Holder. Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement Supplement (Capital One Master Trust)

Determination of Monthly Interest. for the Series 1996-Q ------------------------------------------------------- Certificates. (a) The amount of monthly interest ("Class A Monthly Interest") ------------ distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date commencing with the November 1996 Distribution Date shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from~~ related Interest Period and the denominator of which is 360, times (~~and including~~B) the ~~immediately~~ Class A Certificate Rate in effect with respect to the related Interest Period, and (ii) the Class A Invested Amount determined as of the Record Date preceding such Distribution Date (or in the case of the ~~first~~ October 1996 Distribution Date, the Class A Initial Invested Amount); provided, however, that Class A Monthly Interest for the -------- ------- November 1996 Distribution Date shall be the sum of the amounts calculated pursuant to clauses (i) and (ii) above for the Interest Period from and including the Closing ~~Date)~~ Date to (but ~~excluding) such~~ excluding the October 1996 Distribution Date and for the ~~denominator of which is 360, (ii)~~ Interest Period from and including the ~~Class A Certificate Rate for such~~ October 1996 Distribution Date ~~and (iii)~~ to but excluding the ~~outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record~~ November 1996 Distribution Date. On ~~the~~ each Determination Date preceding ~~each~~ a Distribution Date, commencing with the November 1996 Distribution Date, the Servicer shall determine the ~~excess, if any~~ amount (the "Class A Interest ~~Shortfall~~Shortfall Amount"), if any, of ~~(x)~~ the excess of Class A Monthly Interest ~~for~~ over the amount that will be on deposit in the Collection ---- Account on such Distribution Date ~~over (y) the aggregate amount of funds allocated~~ and available ~~to pay such~~ for payment of Class A Monthly ~~Interest on such Distribution Date~~Interest. ~~If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an~~ An additional amount ("Class A Additional Interest") shall be payable as provided herein with respect to Class A Certificates on each Distribution Date following such Distribution Date, to and including the Distribution Date on which such Class A Interest Shortfall Amount is paid in full, in an amount equal to the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class A Certificate Rate ~~and (y) 2.0~~in effect with respect to the related Interest Period plus 2% per annum and (~~iii~~ii) the unpaid portion of such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable lawAmount. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral ~~Invested Amount~~ Interest on any Distribution Date commencing with the November 1996 Distribution Date shall be an amount equal to the product of (~~i) (A~~i)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the Collateral Rate in effect with respect to the ~~period from~~ related Interest Period and (~~and including~~ii) the ~~immediately~~ Collateral Invested Amount determined as of the Record Date preceding such Distribution Date (or in the case of the ~~first~~ October 1996 Distribution Date, the ~~Closing Date) to (but excluding) such Distribution Date, and (ii) the~~ Collateral Initial Invested ~~Amount as of the close of business on the last day of the preceding Monthly Period~~Amount); provided, however, ~~with respect to the first Distribution Date,~~ that Collateral Monthly Interest for the November -------- ------- 1996 Distribution Date shall be ~~equal~~ the sum of the amounts calculated pursuant to ~~the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate~~ clauses (i) and (ii) above for the ~~period~~ Interest Period from and including the Closing Date to but excluding the ~~first~~ October 1996 Distribution Date and for the Interest Period from and including the October 1996 Distribution Date to but excluding the November 1996 Distribution Date. On ~~the~~ each Determination Date preceding ~~each~~ a Distribution Date, commencing with the November 1996 Distribution Date, the Servicer shall determine an the amount (the "Collateral Interest ~~Shortfall~~Shortfall Amount"~~) equal to (x)~~ ), if any, of the ~~aggregate~~ excess of Collateral Monthly Interest ~~for~~ over the amount that will be on deposit in the ---- Collection Account on such Distribution Date ~~minus (y) the aggregate amount of funds allocated~~ and available ~~to pay such~~ for payment of Collateral Monthly ~~Interest on such Distribution Date~~Interest. ~~If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an~~ An additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral ~~Invested~~ Interest on each Distribution Date following such Distribution Date, to and including the Distribution Date on which such Collateral Interest Shortfall Amount is paid in full, in an amount equal to the product of (~~i) (A~~i)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the Collateral Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ related Interest Period and (ii) the unpaid portion of such Collateral Interest Shortfall Amount. (c) Collections of Finance Charge Receivables allocable to any Series issued on or after May 25, 1994 (including, but not limited to, the ~~portion~~ Series I Certificates, the Series J Certificates, the Series K Certificates, the Series L Certificates, the Series M Certificates, the Series N Certificates, the Series O Certificates, the Series P Certificates and the Series 1996-Q Certificates) and the proceeds thereof that would otherwise be payable to the Seller (whether pursuant to the Supplement relating to such Series or an agreement relating to the Enhancement for such Series), excluding any payments made to the Seller in its capacity as Servicer or any payments made with respect to the Investor Default Amount, shall, unless the Supplement with respect to any such Series specifies otherwise, be payable on each Distribution Date on a pro rata basis (based on the numerator used in calculating the invested percentage of Collections of Finance Charge Receivables) to or for the benefit of other Series issued on or after May 25, 1994 (including, but not limited to, the Series I Certificates, the Series J Certificates, the Series K Certificates, the Series L Certificates, the Series M Certificates, the Series N Certificates, the Series O Certificates, the Series P Certificates and the Series 1996-Q Certificates) experiencing shortfalls in amounts payable from Collections of Finance Charge Receivables allocable to such other Series as provided for pursuant to the Supplement for any such Series, so long as the Supplement for any such other Series permits and provides for the payment of such excess Collections of Finance Charge Receivables and the proceeds thereof ("Excess Finance Charge Collections") to such Series. The shortfall payable from Excess Finance Charge Collections allocable to the Series 1996-Q Certificates for any Distribution Date (the "Shortfall Amount") shall equal the amount by which ~~has~~ the sum of (i) the Class A Monthly Interest, (ii) any Class A Monthly Interest previously due but not ~~been~~ paid to the Class A Certificateholders, (iii) any Class A Additional Interest, (iv) the Class A Investor Default Amount, (v) to the extent payable to a Successor Servicer that is not an Affiliate of the Seller, the Monthly Servicing Fee, (vi) any unreimbursed Class A Investor Charge-Offs, (vii) the Collateral Monthly Interest, (viii) any Collateral Monthly Interest previously due but not paid to the Collateral Interest Holder, (ix) any Collateral Additional Interest, (x) the Collateral Default Amount and (xi) the amounts, if any, payable pursuant to subsections 4.09(e)~~. Notwithstanding anything~~ , 4.09(f) and 4.09(g), exceeds the Floating Allocation Percentage of Collections in respect of Finance Charge Receivables allocable to the ~~contrary herein, Collateral Additional Interest~~ Series 1996-Q Certificates. Such Excess Finance Charge Collections shall be available only to pay the amounts referred to in clauses (i) through (xi) above. The Seller hereby directs the Servicer to direct the Trustee to deposit any amounts payable ~~or distributed~~ to FCCNB pursuant to Section 2.11 of the ~~Collateral Interest Holder only~~ Loan Agreement with respect to any Distribution Date, to the extent ~~permitted by applicable law~~such amounts constitute Excess Finance Charge Collections for other Series, into the Collection Account for payment on such Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement Supplement (FCC National Bank)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the ~~immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for ~~such Distribution Date~~ the related Interest Period and (iii) the outstanding principal balance of the Class A Certificates as of ~~close of business on~~ the ~~immediately~~ preceding Record Date; provided, however, that, with respect to the first Distribution Date, Class A Monthly Interest shall be $2,325,273.44. On the Determination Date preceding each ~~Distribution~~ Payment Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for the Interest Period applicable to such ~~Distribution~~ Payment Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such ~~Distribution~~ Payment Date. If the Class A Interest Shortfall with respect to any ~~Distribution~~ Payment Date is greater than zero, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid,~~ an additional amount ("“Class A Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the ~~immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (ii) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to ~~the~~ Class A Certificateholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Certificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to ~~the~~ Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the ~~immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for ~~such Distribution Date~~ the related Interest Period and (iii) the outstanding principal balance of the Class B ~~Invested Amount~~ Certificates as of the ~~close~~ preceding Record Date; provided, however, that, with respect to the first Distribution Date, Class B Monthly Interest shall be $301,687.50. On the Determination Date preceding each Payment Date, the Servicer shall determine the excess, if any (the “Class B Interest Shortfall”), of ~~business~~ (x) the Class B Monthly Interest for the Interest Period applicable to such Payment Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Payment Date. If the Class B Interest Shortfall with respect to any Payment Date is greater than zero, an additional amount (“Class B Additional Interest”) equal to the product of (i) a fraction, the numerator of which is the actual number of days from and including the preceding Distribution Date to but excluding such Distribution Date and the denominator of which is 360, (ii) the Class B Penalty Rate and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class B Interest Shortfall is paid to Class B Certificateholders. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest (“Collateral Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Interest on any Distribution Date shall be an amount equal to the product of (i) the Collateral Interest Minimum Rate in effect for the related Interest Period, (ii) a fraction, the numerator of which is the actual number of days from and including the preceding Distribution Date to but excluding such Distribution Date and the denominator of which is 360 and (iii) the outstanding principal balance of the Collateral Interest as of the preceding Record Date; provided, however, that, with respect to the first Distribution Date, Collateral Minimum Monthly Interest shall be equal to the interest accrued on the ~~immediately preceding Record~~ Collateral Initial Invested Amount at the Collateral Interest Minimum Rate for the period from the Closing Date to but excluding the initial Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the ~~"Class B~~ “Collateral Interest Shortfall"”), of (x) the ~~Class B~~ Collateral Minimum Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such ~~Class B~~ Collateral Minimum Monthly Interest on such Distribution Date. If the ~~Class B~~ Collateral Interest Shortfall ~~with respect to~~ for any Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid,~~ an additional amount (~~"Class B~~ “Collateral Additional Interest"”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in from and including the ~~period from (and including) the immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (ii) the ~~sum of (x)~~ Collateral Interest Minimum Rate in effect for the ~~Class B Certificate Rate and (y) 2.0% per annum~~ related Interest Period and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder)) shall be payable as provided herein with respect to the Collateral Interest on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Collateral Interest Shortfall is paid to the Collateral Interest Holder. Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Capital One Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest (the "Class A Monthly Interest") distributable from the Collection Account with respect to the Class A ~~Certificates~~ Securities on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is equal to the actual number of days in the ~~period from (and including) the immediately~~ Interest Period preceding ~~Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding)~~ such Distribution Date and the denominator of which is 360, (ii) the Class A ~~Certificate~~ Interest Rate ~~for such Distribution Date~~ and (iii) the outstanding principal balance of the Class A ~~Certificates~~ Securities as of close of business on the ~~immediately~~ last day of the preceding ~~Record~~ Monthly Period (or with respect to the initial Distribution Date, the Closing Date); provided, that in the case of the first Distribution Date the Class A Monthly Interest shall be an amount equal to $4,412,980. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for ~~such~~ the preceding Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such preceding Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately~~ preceding ~~Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ Interest Period and the denominator of which is 360, (ii) the ~~sum of (x) the~~ Class A ~~Certificate~~ Interest Rate ~~and (y)~~ plus 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A ~~Certificateholders~~Securityholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Securities. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A ~~Certificateholders~~ Securityholders only to the extent permitted by applicable law. (b) The amount of monthly interest (the "Class B Monthly Interest") distributable from the Collection Account with respect to the Class B ~~Certificates~~ Securities on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is equal to the actual number of days in the ~~period from (and including) the immediately~~ preceding ~~Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ Interest Period and the denominator of which is 360, (ii) the Class B ~~Certificate~~ Interest Rate ~~for such Distribution Date~~ and (iii) the Class B Invested Amount as of the close of business on the ~~immediately~~ last day of the preceding ~~Record~~ Monthly Period (or with respect to the initial Distribution Date, the Closing Date); provided, that in the case of the first Distribution Date, Class B Monthly Interest shall be an amount equal to $981,985.69. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for ~~such~~ the preceding Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such preceding Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately~~ preceding ~~Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ Interest Period and the denominator of which is 360, (ii) the ~~sum of (x) the~~ Class B ~~Certificate~~ Interest Rate ~~and (y)~~ plus 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B ~~Certificateholders~~Securityholders) shall be payable as provided herein with respect to the Class B ~~Certificates~~Securities. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B ~~Certificateholders~~ Securityholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) ~~(A)~~ a fraction, the numerator of which is equal to the actual number of days in the ~~period from (and including) the immediately~~ preceding ~~Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ Interest Period and the denominator of which is 360, (Bii) the Collateral Rate in effect with respect to the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~applicable Interest Period, and (iiiii) the Collateral Invested Amount as of the close of business on the ~~last day of~~ preceding Distribution Date (after giving effect to any increase or decrease in the Collateral Invested Amount on such preceding ~~Monthly Period~~Distribution Date); ~~provided, however,~~ provided that with respect to the first Distribution ~~Date,~~ Date such Collateral ~~Monthly Interest~~ Invested Amount shall be ~~equal to~~ determined as of the ~~interest accrued~~ close of business on the ~~Collateral Initial Invested Amount at the Collateral Rate for the period from the~~ Closing ~~Date to but excluding the first Distribution~~ Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "Collateral Interest Shortfall"~~) equal to~~ ), of (x) the aggregate Collateral Monthly Interest for ~~such~~ the preceding Distribution Date ~~minus~~ over (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such preceding Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) ~~(A)~~ a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately~~ preceding ~~Distribution Date to (but excluding) such Distribution Date~~ Interest Period and the denominator of which is 360, (Bii) the Collateral Rate in effect ~~during~~ with respect to the period from (and ~~including)~~ including the immediately preceding Distribution Date to (but ~~excluding)~~ including such Distribution Date, ~~and~~ (iiiii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder)) and (iv) the Collateral Rate in effect with respect to the applicable Interest Period. Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (the "Class D Monthly Interest") distributable from the Collection Account with respect to the Class D Securities on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the preceding Interest Period and the denominator of which is 360, (ii) the Class D Interest Rate and (iii) the Class D Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, that in the case of the first Distribution Date, Class D Monthly Interest shall be zero. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class D Interest Shortfall"), of (x) the Class D Monthly Interest for the preceding Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class D Monthly Interest on such preceding Distribution Date. If the Class D Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class D Interest Shortfall is fully paid, an additional amount ("Class D Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the preceding Interest Period and the denominator of which is 360, (ii) the Class D Interest Rate plus 2.0% per annum and (iii) such Class D Interest Shortfall (or the portion thereof which has not been paid to the Class D Securityholders) shall be payable as provided herein with respect to the Class D Securities. Notwithstanding anything to the contrary herein, Class D Additional Interest shall be payable or distributed to the Class D Securityholders only to the extent permitted by applicable law.

Appears in 1 contract

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

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on ~~any~~ each Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal ~~balance~~ amount of the Class A Certificates as of the close of business on the ~~immediately~~ preceding Record Date; provided, however, with respect to the April 2001 Distribution Date, Class A Monthly Interest shall be equal to the interest accrued on the Class A Initial Invested Amount at the applicable Class A Certificate Rate for the period 20 24 from the Closing Date through April 15, 2001 (calculated on the basis of the actual number of days in such period and a year of 360 days). On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in from and including the ~~period from (and including) the immediately preceding~~ Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ on which there is a shortfall to (but ~~excluding)~~ excluding such subsequent Distribution Date and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class A ~~Certificate~~ Penalty Rate and (~~y) 2.0% per annum and (iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to ~~the~~ Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on ~~any~~ each Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class B Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal amount of the Class B ~~Invested Amount~~ Certificates as of the close of business on the ~~immediately~~ preceding Record Date; provided, however, with respect to the April 2001 Distribution Date, Class B Monthly Interest shall be equal to the interest accrued on the Class B Initial Invested Amount at the applicable Class B Certificate Rate for the period from the Closing Date through April 15, 2001 (calculated on the basis of the actual number of days in such period and a year of 360 days). On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the ~~immediately preceding~~ Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ on which there is a shortfall to (but ~~excluding)~~ excluding such subsequent Distribution Date and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class B ~~Certificate~~ Penalty Rate and (~~y) 2.0% per annum and (iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to ~~the~~ Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Minimum Monthly Interest") distributable from the Collection Account with respect to the Collateral ~~Invested Amount~~ Interest on ~~any~~ each Distribution Date shall be an amount equal to the product of (~~i) (A~~i)(A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.of

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of the close of business on the ~~immediately~~ preceding ~~Record~~ Distribution Date (after giving effect to any distribution of Class A Monthly Principal on such preceding Distribution Date), minus, for each Distribution Date with respect to the Accumulation Period, the aggregate amount of all deposits of Class A Monthly Principal previously made to the Class A Principal Funding Account; provided, however, that (i) with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $5,507,812.50; and (ii) with respect to the first Distribution Date of the related Due Period in which an Additional Issuance Date occurs, Class A Monthly Interest shall be increased by the amount of interest accrued and payable at the Class A Certificate Rate on the principal amount of Additional Class A Certificates through but excluding such Distribution Date. Class A Monthly Interest shall be calculated on the basis of a 360-day year of twelve 30-day months. On the Determination Date preceding each ~~Distribution~~ Payment Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), ) of (x) the aggregate Class A Monthly Interest plus the aggregate Class A Covered Amount for the Interest Period applicable to such ~~Distribution~~ Payment Date over (y) the ~~aggregate~~ amount ~~of funds allocated and available to pay such~~ which will be on deposit in the Class A ~~Monthly~~ Interest Funding Account on such ~~Distribution~~ Payment Date. If the Class A Interest Shortfall with respect to any ~~Distribution~~ Payment Date is greater than zero~~, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (~~y) 2.0% per annum and (iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to ~~the~~ Class A Certificateholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Certificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to ~~the~~ Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citibank South Dakota N A)

Determination of Monthly Interest. (a) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable from the ~~Collection~~ Finance Charge Account with respect to the Class A Certificates on any Transfer Date (the "Class A Monthly Interest") shall equal the product of (i)(A) a fraction, the numerator of which is the actual number of days in the period (the "Monthly Interest Period") from (and including) the immediately preceding Distribution Date ~~shall be~~ (or in the case of the first Distribution Date, the Closing Date) to (but excluding) the related Distribution Date and the denominator of which is 360, times (B) the Class A Certificate Rate, times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date; provided that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, from prior Monthly Interest Periods, plus an amount equal to the product of (iA)(1) a fraction, the numerator of which is the actual number of days in the related Monthly Interest Period and the denominator of which is 360, times (2) the sum of the Class A Certificate Rate in effect with respect to the related Monthly Period and 2% per annum and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Holders) (the "Class A Additional Interest") shall also be distributable from the Finance Charge Account with respect to the Class A Certificates on any Transfer Date, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account. The "Class A Deficiency Amount" for any Transfer Date shall equal the excess, if any, of the aggregate amount distributable pursuant to this subsection 4.8(a) for the prior Monthly Interest Period over the amount actually deposited or available to be deposited on such Transfer Date into the Class A Interest Funding Account for payment to the Class A Holders on the applicable Payment Date. (b) The amount of monthly interest distributable from the Finance Charge Account with respect to the Class B Certificates on any Transfer Date (the "Class B Monthly Interest") shall equal the product of (i)(A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) ~~such~~ the related Distribution Date and the denominator of which is 360, times (iiB) the Class A B Certificate ~~Rate for such Distribution Date and~~ Rate, times (~~iii~~ii) the outstanding principal balance of the Class A B Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution~~ the related Transfer Date~~, the Servicer shall determine the excess, if any (the "~~; provided that in addition to Class ~~A Interest Shortfall"), of (x) the Class A~~ B Monthly Interest ~~for such Distribution Date over (y)~~ an amount equal to the ~~aggregate~~ amount of ~~funds allocated and available to pay such~~ any unpaid Class A B Deficiency Amounts, as defined below, from prior Monthly Interest ~~on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero~~Periods, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid,~~ plus an ~~additional~~ amount ~~("Class A Additional Interest")~~ equal to the product of (iA) (1) a fraction, the numerator of which is the actual number of days in the related Monthly Interest Period and the denominator of which is 360 times (2) the sum of the Class B Certificate Rate in effect with respect to the related Monthly Period and 2% per annum and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Holders) (the "Class B Additional Interest") shall also be distributable from the Finance Charge Account with respect to the Class B Certificates on any Transfer Date, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account. The "Class B Deficiency Amount" for any Transfer Date shall equal the excess, if any, of the aggregate amount distributable pursuant to this subsection 4.8(b) as of the prior Monthly Interest Period over the amount actually deposited or available to be deposited on such Transfer Date into the Class B Interest Funding Account for payment to the Class B Holders on the applicable Payment Date. (c) The amount of monthly interest distributable with respect to the Collateral Interest on any Transfer Date, as set forth in Section 4.13, shall equal the product of (i)(A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) ~~such~~ the related Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, times (B) the Collateral Rate in effect with respect to the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date~~related Interest Period, ~~the Closing Date) to (but excluding) such Distribution Date, and~~ times (ii) the Collateral ~~Invested Amount~~ Interest determined as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Record Date preceding ~~each Distribution Date, the Servicer shall determine an amount~~ such Transfer Date (the "Collateral ~~Interest Shortfall~~Monthly Interest"~~) equal to (x) the aggregate~~ ); provided that for purposes of determining Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zeroonly, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate shall not exceed a per annum rate of 2% in ~~effect during~~ excess of LIBOR as determined on the ~~period from~~ related LIBOR Determination Date. (~~and including~~d) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law[Reserved.]

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mellon Bank Premium Finance Loan Master Trust)

Determination of Monthly Interest. (a) Pursuant to the Class A Note Purchase Agreement, certain Ownership Tranches may from time to time be divided into one or more subdivisions (each, as further specified in the Class A Note Purchase Agreement, a “Funding Tranche”) which will accrue interest on different bases. For Funding Tranches that accrue interest by reference to a commercial paper rate or LIBOR, a specified period (each, a “Fixed Period”) will be designated in the Class A Note Purchase Agreement during which that Funding Tranche may accrue interest at a fixed rate. The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates~~ Notes on any Distribution Date shall be an amount equal to the ~~product~~ aggregate amount of interest that accrued over that Distribution Period on each Funding Tranche (iplus the aggregate amount of interest that accrued over any prior Distribution Period on any Funding Tranche and has not yet been paid, plus additional interest (to the extent permitted by law) ~~a fraction~~on such overdue amounts at the weighted average interest rate applicable to the related Ownership Tranche during that Distribution Period, and minus any overpayment of interest on the ~~numerator of which is the actual number of days in the period from (and including) the immediately preceding~~ prior Distribution Date ~~(or in the case~~ as a result of the ~~first Distribution~~ estimation referred to below), all as determined by Servicer on the related Determination Date. For purposes of such determination, Servicer shall rely upon information provided by the ~~Closing Date)~~ various Administrative Agents pursuant to ~~(but excluding) such Distribution Date and the denominator of which is 360, (ii)~~ the Class A ~~Certificate Rate for such Distribution Date and (iii) the outstanding principal balance~~ Note Purchase Agreement including estimates of the ~~Class A Certificates as of close of business~~ interest to accrue on any Funding Tranche through the ~~immediately preceding Record~~ related Distribution Date. On The interest accrued on any Ownership Tranche (or related Funding Tranche) for any Distribution Period shall be determined using the ~~Determination Date preceding each Distribution Date,~~ applicable Tranche Rate and shall equal the ~~Servicer shall determine the excess, if any (the "Class A Interest Shortfall"),~~ product of (x) the Weighted Average Class A ~~Monthly Interest~~ Principal Balance for ~~such Distribution Date over~~ that Ownership Tranche (or Funding Tranche), (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate applicable Tranche Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and includingz) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable ~~law~~Day Count Fraction. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Indenture Supplement (Alliance Data Systems Corp)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Credit Account Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on ~~any~~ each Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal ~~balance~~ amount of the Class A Certificates as of the close of business on the ~~immediately~~ preceding Record Date; provided, however, with respect to the April 2003 Distribution Date, Class A Monthly Interest shall be equal to $2,040,000. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A ~~Certificate~~ Penalty Rate and (~~y) 2.0% per annum and (iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to ~~the~~ Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on ~~any~~ each Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (iiB) the Class B Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal amount of the Class B ~~Invested Amount~~ Certificates as of the close of business on the ~~immediately~~ preceding Record Date; provided, however, with respect to the April 2003 Distribution Date, Class B Monthly Interest shall be equal to the interest accrued on the Class B Initial Invested Amount at the applicable Class B Certificate Rate for the period from the Closing Date through April 14, 2003 (calculated on the basis of the actual number of days in such period and a year of 360 days). On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in from and including the ~~period from (and including) the immediately preceding~~ Distribution Date ~~(or in the case of the first~~ on which there is a shortfall to but excluding such subsequent Distribution Date, ~~the Closing Date) to (but excluding) such Distribution Date~~ and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class B ~~Certificate~~ Penalty Rate and (~~y) 2.0% per annum and (iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to ~~the~~ Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Minimum Monthly Interest") distributable from the Collection Account with respect to the Collateral ~~Invested Amount~~ Interest on ~~any~~ each Distribution Date shall be an amount equal to the product of (~~i) (A~~i)(A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, ; times (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, Minimum Interest Rate; and (ii) the outstanding principal amount of the Collateral ~~Invested Amount~~ Interest as of the close of business on the ~~last day of the~~ preceding ~~Monthly Period~~Record Date; provided, however, with respect to the ~~first~~ April 2003 Distribution Date, the Collateral Minimum Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the applicable Collateral Minimum Interest Rate for the period from the Closing Date ~~to but excluding~~ through April 14, 2003 (calculated on the ~~first Distribution Date~~basis of the actual number of days in such period and a year of 360 days). On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "Collateral Interest Shortfall"~~) equal to~~ ), of (x) the ~~aggregate~~ Collateral Minimum Monthly Interest for such Distribution Date ~~minus~~ over (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (~~i) (A~~i)(A) a fraction, the numerator of which is the actual number of days in from and including the ~~period from (and including) the immediately preceding~~ Distribution Date on which there is a shortfall to (but ~~excluding)~~ excluding such subsequent Distribution Date and the denominator of which is 360, times (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder)) shall be payable as provided herein with respect to the Collateral Interest. Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (iii) the outstanding principal ~~balance~~ amount of the Class A Certificates as of ~~close of business on~~ the immediately preceding Record Date. On ~~the Determination Date preceding~~ or before each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If With respect to any Distribution Date, if the Class A Interest Shortfall with respect to ~~any~~ the preceding Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid,~~ an ~~additional~~ amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (ii) the ~~sum of (x) the~~ Class A Certificate Rate ~~and (y) 2.0% per annum~~ and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to ~~the~~ Class A Certificateholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Certificates on each Distribution Date following the Distribution Date on which such Class A Interest Shortfall occurs to and including the Distribution Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to ~~the~~ Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (ii) the Class B Certificate Rate ~~for such Distribution Date~~ and (iii) the Class B Invested Amount as of the ~~close of business on the~~ immediately preceding Record Date. On ~~the Determination Date preceding~~ or before each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If With respect to any Distribution Date, if the Class B Interest Shortfall with respect to ~~any~~ the preceding Distribution Date is greater than zero, ~~on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid,~~ an ~~additional~~ amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (ii) the ~~sum of (x) the~~ Class B Certificate Rate ~~and (y) 2.0% per annum~~ and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to ~~the~~ Class B Certificateholders) shall be payable as provided herein with respect to the Class B ~~Certificates~~Certificates on each Distribution Date following the Distribution Date on which such Class B Interest Shortfall occurs to and including the Distribution Date on which such Class B Interest Shortfall is paid to Class B Certificateholders. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to ~~the~~ Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of subordinated monthly interest ("Class B Subordinated Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the excess, if any, of (x) an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, (ii) the Class B Certificate Rate and (iii) the outstanding principal amount of the Class B Certificates as of the immediately preceding Record Date over (y) the Class B Monthly Interest for such Distribution Date. On or before each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Subordinated Interest Shortfall"), of (x) the Class B Subordinated Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Subordinated Monthly Interest on such Distribution Date. With respect to any Distribution Date, if the Class B Subordinated Interest Shortfall with respect to the preceding Distribution Date is greater than zero, an amount ("Class B Subordinated Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, (ii) the Class B Certificate Rate and (iii) such Class B Subordinated Interest Shortfall (or the portion thereof which has not been paid to Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates on each Distribution Date following the Distribution Date on which such Class B Subordinated Interest Shortfall occurs to and including the Distribution Date on which such Class B Subordinated Interest Shortfall is paid to Class B Certificateholders. Notwithstanding anything to the contrary herein, Class B Subordinated Additional Interest shall be payable or distributed to Class B Certificateholders only to the extent permitted by applicable law. (d) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral ~~Invested Amount~~ Interest on any Distribution Date shall be an amount equal to the product of (i) ~~(A)~~ a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral ~~Invested Amount~~ Interest Rate and (iii) the outstanding principal amount of the Collateral Interest as of the ~~close of business on the~~ last ~~day~~ Business Day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Supplement (Providian National Bank)

Determination of Monthly Interest. (a) The amount of monthly interest ("~~Class~~ CLASS A ~~Monthly Interest~~MONTHLY INTEREST") distributable ~~from the Collection Account~~ with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period (or, with respect to the initial Interest Period, the actual number of days (x) in the period from and including the Closing Date through and including January 14, 1997 and (~~and including~~y) ~~the immediately preceding Distribution Date (or~~ in the ~~case of the first Distribution Date~~period from and including January 15, ~~the Closing Date~~1997 through and including February 17, 1997) ~~to (but excluding) such Distribution Date~~ and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for~~ in effect during such ~~Distribution Date~~ Interest Period (or portion thereof), and (iii) the outstanding principal ~~balance~~ amount of the Class A Certificates as of the close of business on the ~~immediately~~ last day of the preceding ~~Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A~~ Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date Period (or in the case of the first ~~Distribution Date~~Monthly Period, on the Closing Date~~) to (but excluding)~~ ), which for purposes of such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) calculation shall ~~be payable as provided herein with respect to~~ include the Class A Certificates~~. Notwithstanding anything to~~ ' pro rata share of funds on deposit in the ~~contrary herein, Class A Additional Interest shall be payable or distributed to~~ Pre-Funding Account on the ~~Class A Certificateholders only to the extent permitted by~~ applicable ~~law~~date. (b) The amount of monthly interest ("~~Class~~ CLASS B ~~Monthly Interest~~MONTHLY INTEREST") distributable ~~from the Collection Account~~ with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period (or, with respect to the initial Interest Period, the actual number of days (x) in the period from and including the Closing Date through and including January 14, 1997 and (~~and including~~y) ~~the immediately preceding Distribution Date (or~~ in the ~~case of the first Distribution Date~~period from and including January 15, ~~the Closing Date~~1997 through and including February 17, 1997) ~~to (but excluding) such Distribution Date~~ and the denominator of which is 360, (ii) the Class B Certificate Rate ~~for~~ in effect during such ~~Distribution Date~~ Interest Period (or portion thereof) and (iii) the outstanding principal amount of the Class B ~~Invested Amount~~ Certificates as of the close of business on the ~~immediately~~ last day of the preceding ~~Record~~ Monthly Period (or in the case of the first Monthly Period, on the Closing Date~~. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"~~), which for purposes of ~~(x)~~ such calculation shall included the Class B ~~Monthly Interest for such Distribution Date over~~ Certificates' pro rata share of funds on deposit in the Pre-Funding Account on the applicable date. (yc) ~~the aggregate~~ The amount of ~~funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall~~ monthly interest ("CLASS C MONTHLY INTEREST") distributable with respect to the Class C Interests on any Distribution Date ~~is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid,~~ shall be an ~~additional~~ amount ~~("Class B Additional Interest")~~ equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period (or, with respect to the initial Interest Period, the actual number of days (x) in the period from and including the Closing Date through and including January 14, 1997 and (~~and including~~y) ~~the immediately preceding Distribution Date (or~~ in the ~~case of the first Distribution Date~~period from and including January 15, ~~the Closing Date~~1997 through and including February 17, 1997) ~~to (but excluding) such Distribution Date~~ and the denominator of which is 360, (ii) the ~~sum of~~ Class C Interest Rate in effect during such Interest Period (xor portion thereof) ~~the Class B Certificate Rate and (y) 2.0% per annum~~ and (iii) the outstanding principal amount of the Class C Interests as of the close of business on the last day of the preceding Monthly Period (or in the case of the first Monthly Period, on the Closing Date), which for purposes of such calculation shall include the Class C Interests' pro rata share of funds on deposit in the Pre-Funding Account on the applicable date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "CLASS C INTEREST SHORTFALL") of (1) the Class C Monthly Interest for such Distribution Date over (2) the aggregate amount of funds allocated and available to pay such Class B C Monthly Interest ~~Shortfall~~ on such Distribution Date (~~or the portion thereof which has not been paid~~ after giving effect to the ~~Class B Certificateholders) shall be payable~~ application of Excess Spread and Excess Finance Charge Collections, any withdrawals from the Cash Collateral Account and the proceeds of any draw made on the Spread Account as provided ~~herein~~ in the Class C Supplemental Agreement for the purpose of paying such amount with respect to such Distribution Date). If the Class ~~B Certificates. Notwithstanding anything to the contrary herein, Class B Additional~~ C Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account Shortfall with respect to ~~the Collateral Invested Amount on~~ any Distribution Date ~~shall be~~ is greater than zero, an additional amount ("CLASS C ADDITIONAL INTEREST") equal to the product of (~~i) (A~~I)(a) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (Bb) 2.00% per annum plus the ~~Collateral~~ Class C Interest Rate ~~in effect with respect~~ and (II) such Class C Interest Shortfall (or the portion thereof that has not been paid to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Class C Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest"Holders) shall be payable as provided herein with respect to the ~~Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding~~ Class C Interests on each Distribution Date following such Distribution Date to ~~(but excluding) such~~ and including the Distribution Date ~~and the denominator of~~ on which ~~is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding)~~ such ~~Distribution Date, and (ii) such Collateral~~ Class C Interest Shortfall ~~(or the portion thereof which has not been~~ is paid to the ~~Collateral~~ Class C Interest ~~Holder)~~Holders. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class C Additional Interest shall be payable or distributed to the ~~Collateral~~ Class C Interest ~~Holder~~ Holders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $363,833.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $32,503.92. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at less the aggregate amount of principal payments distributed to the Collateral ~~Rate for the period from the Closing Date to but excluding the first~~ Interest Holder on all prior Distribution ~~Date~~Dates. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law. (d) The amount of monthly interest (“Collateral Senior Minimum Monthly Interest”) distributable from the Collection Account with respect to the Collateral Senior Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Senior Minimum Interest Rate and (ii) the Collateral Senior Invested Amount; provided that Collateral Senior Minimum Monthly Interest for the first Distribution Date shall be an amount equal to $49,094.90.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of ~~monthly~~ interest ("~~Class A Monthly Interest~~MONTHLY INTEREST") distributable from the ~~Collection Account~~ Series 2000-1 Expense Subaccount with respect to the ~~Class A Certificates~~ Series 2000-1 Notes on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, multiplied by (ii) the ~~Class A Certificate~~ Note Interest Rate ~~for such Distribution Date~~ in effect with respect to the related Interest Period and multiplied by (iii) the ~~outstanding principal balance~~ Series Outstanding Amount as of the ~~Class A Certificates as of~~ close of business on the ~~immediately preceding Record Date.~~ last day of the related Interest Period. (b) On the Determination Date preceding each Distribution Date, the Servicer shall determine the ~~excess, if any~~ excess (the "~~Class A Interest Shortfall~~INTEREST SHORTFALL"), if any, of (x) the ~~Class A~~ Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such ~~Class A~~ Monthly Interest on such Distribution ~~Date~~Date (excluding the proceeds of a draw under the Policy). If the ~~Class A~~ Interest Shortfall with respect to any Distribution Date is greater than zero, then on each subsequent Distribution Date until such ~~Class A~~ Interest Shortfall is fully paid, an additional amount ("~~Class A Additional Interest~~ADDITIONAL INTEREST") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, multiplied by (B) the ~~Collateral Rate in effect with respect to the period from~~ sum of (~~and including~~x) the ~~immediately preceding Distribution Date~~ Note Interest Rate and (~~or in the case of the first Distribution Date, the Closing Date~~y) ~~to (but excluding) such Distribution Date,~~ 2.0% per annum and (ii) such Interest Shortfall (or the ~~Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect~~ portion thereof that has not been paid to the ~~first Distribution Date, Collateral Monthly Interest shall be equal to~~ Series 2000-1 Noteholders from funds other than the ~~interest accrued on~~ proceeds of a draw under the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest"Policy) shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder)Series 2000-1 Notes. Notwithstanding anything herein to the ~~contrary herein~~contrary, ~~Collateral~~ Additional Interest shall be payable or distributed ~~to the Collateral Interest Holder~~ only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Indenture Supplement (PHH Corp)

Determination of Monthly Interest. (a) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable ~~from the Collection Account~~ with respect to the Class A Certificates ~~on any Distribution Date~~ shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date and~~ times (~~iii~~ii) the outstanding principal balance of the Class A Certificates determined as of ~~close of business on~~ the ~~immediately preceding~~ Record ~~Date. On the Determination~~ Date preceding ~~each Distribution Date,~~ the ~~Servicer shall determine the excess, if any~~ related Transfer Date (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, that with respect to the ~~first~~ December 1998 Distribution Date, ~~Collateral~~ Class A Monthly Interest shall be equal to the interest accrued on the ~~Collateral Initial Invested Amount~~ outstanding principal balance of the Class A Certificates at the ~~Collateral~~ Class A Certificate Rate for the period from and including the Closing Date to through but excluding December 15, 1998; provided, further, that in addition to the ~~first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine~~ Class A Monthly Interest an amount ~~(the "Collateral Interest Shortfall")~~ equal to ~~(x)~~ the ~~aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate~~ amount of ~~funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to~~ any ~~Distribution Date is greater than zero~~unpaid Class A Deficiency Amounts, ~~on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (~~i) (~~A) ~~a fraction,~~ the ~~numerator~~ sum of ~~which is~~ the ~~actual number of days in the period from (~~Class A Certificate Rate plus 2% per annum and ~~including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360,~~ (B) any Class A Deficiency Amount from the ~~Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution~~ prior Transfer Date, ~~and (ii) such Collateral Interest Shortfall~~ as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable with respect to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.13(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. (b) The amount of monthly interest distributable with respect to the Class B Investor Interest shall be an amount equal to one-twelfth of the product of (i) the Class B Rate times (ii) the outstanding principal balance of the Class B Investor Interest determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the December 1998 Distribution Date, Class B Monthly Interest shall be $0; provided, further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to the product of (A) the sum of the Class B Rate plus 2% per annum and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to the ~~Collateral~~ Class B Investor Interest Holder)) (the "Class B Additional Interest") shall also be distributable with respect to the Class B Investor Interest, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.13(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Notwithstanding ~~anything~~ the foregoing, until JCPR shall make the designation referred to in the definition of "Class B Rate," no interest shall be payable with respect to the ~~contrary herein, Collateral Additional~~ Class B Investor Interest. (c) The amount of monthly interest distributable with respect to the Class C Investor Interest shall be ~~payable or distributed~~ an amount equal to one-twelfth of the product of (i) the Class C Rate times (ii) the outstanding principal balance of the Class C Investor Interest determined as of the Record Date preceding the related Transfer Date (the "Class C Monthly Interest"); provided, however, that with respect to the ~~Collateral~~ December 1998 Distribution Date, Class C Monthly Interest ~~Holder only~~ shall be $0. Notwithstanding the foregoing, until JCPR shall make the designation referred to in the definition of "Class C Rate," no interest shall be payable with respect to the ~~extent permitted by applicable law~~Class C Investor Interest.

Appears in 1 contract

Samples: Series E Supplement (JCP Receivables Inc)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate ~~for such Distribution Date~~ and (~~iii~~ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,032,777.78. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class A Interest Shortfall"”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("“Class A Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("“Class B Monthly Interest"”) distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (~~iii~~ii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date; provided that Class B Monthly Interest for the first Distribution Date shall be an amount equal to $50,723.01; provided, however, that in the event the Class B Certificate Rate has been modified (as described in the definition thereof) during the period from and including the preceding Distribution Date to but excluding such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Class B Certificate Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "“Class B Interest Shortfall"”), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("“Class B Additional Interest"”) equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (~~iii~~ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("“Collateral Minimum Monthly Interest"”) distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (Aii) ~~a fraction~~the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the ~~numerator of which is~~ event the ~~actual number of days~~ Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, ~~and~~ the rate described in (iii) above shall reflect a weighted average rate calculated on the ~~Collateral Invested Amount as~~ basis of the ~~close~~ actual number of ~~business on the last day~~ days each Collateral Minimum Interest Rate was in effect during such period and a year of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "“Collateral Interest Shortfall"”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("“Collateral Additional Interest"”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Minimum Interest Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Centurion Bank)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the ~~immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for ~~such Distribution Date~~ the related Interest Period and (iii) the outstanding principal balance of the Class A Certificates as of ~~close of business~~ the preceding Record Date; provided, however, that, with respect to the first Distribution Date, Class A -------- ------- Monthly Interest shall be equal to the interest accrued on the ~~immediately preceding Record~~ initial principal amount of the Class A Certificates at the Class A Certificate Rate for the period from and including the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each ~~Distribution~~ Payment Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for the Interest Period applicable to such ~~Distribution~~ Payment Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such ~~Distribution~~ Payment Date. If the Class A Interest Shortfall with respect to any ~~Distribution~~ Payment Date is greater than zero~~, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid~~, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the ~~immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (ii) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to ~~the~~ Class A Certificateholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Certificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to ~~the~~ Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and ~~including)~~ including the ~~immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for ~~such Distribution Date~~ the related Interest Period and (iii) the outstanding principal balance of the Class B ~~Invested Amount~~ Certificates as of the ~~close of business~~ preceding Record Date; provided, however, that, with respect to the first Distribution Date, Class B -------- ------- Monthly Interest shall be equal to the interest accrued on the ~~immediately preceding Record~~ initial principal amount of the Class B Certificates at the Class B Certificate Rate for the period from and including the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each ~~Distribution~~ Payment Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for the Interest Period applicable to such ~~Distribution~~ Payment Date over (y) the aggregate amount of funds allocated and available to pay such ---- Class B Monthly Interest on such ~~Distribution~~ Payment Date. If the Class B Interest Shortfall with respect to any ~~Distribution~~ Payment Date is greater than zero~~, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid~~, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in from and including the ~~period from (and including) the immediately~~ preceding Distribution Date ~~(or in the case of the first Distribution Date, the Closing Date)~~ to (but ~~excluding)~~ excluding such Distribution Date and the denominator of which is 360, (ii) the ~~sum of (x) the~~ Class B ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to ~~the~~ Class B Certificateholders) shall be payable as provided herein with respect to the Class B ~~Certificates~~Certificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class B Interest Shortfall is paid to Class B Certificateholders. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to ~~the~~ Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Minimum Monthly Interest") distributable from the Collection Account with respect to the Collateral ~~Invested Amount~~ Interest on any Distribution Date shall be an amount equal to one- twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Interest Minimum Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the outstanding principal balance of the Collateral ~~Invested Amount~~ Interest as of the ~~close of business on the last day of the~~ preceding ~~Monthly Period~~Record Date; provided, however, that, with respect to the first Distribution -------- ------- Date, Collateral Minimum Monthly Interest shall be equal to ~~the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$460,833.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the "Collateral Interest Shortfall"~~) equal to~~ ), of (x) the ~~aggregate~~ Collateral ~~Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral~~ Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall ~~with respect to~~ for any Distribution Date is greater than zero~~, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid~~, an additional amount ("Collateral Additional Interest") ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Interest Minimum Rate ~~in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date,~~ and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder)) shall be payable as provided herein with respect to the Collateral Interest on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Collateral Interest Shortfall is paid to the Collateral Interest Holder. Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Capital One Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates on~~ Notes for any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business Interest Period on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any related Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date,~~ Period and (ii) the ~~Collateral Invested Amount~~ Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly ~~Period; provided, however~~Period (or, with respect to the ~~first~~ initial Distribution Date, ~~Collateral~~ the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the July 2017 Distribution Date shall be ~~equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date~~$1,248,444.44. On the Determination Date preceding each Distribution Date, the Servicer shall determine ~~an amount~~ the excess, if any (the ~~"Collateral Interest Shortfall") equal to~~ “Class A Deficiency Amount”), of (x) the aggregate ~~Collateral Monthly Interest for such~~ amount accrued pursuant to this Section 4.2(a) as of the prior Distribution Date ~~minus~~ over (y) the ~~aggregate~~ amount actually transferred from the Distribution Account for payment of ~~funds allocated and available to pay~~ such ~~Collateral Monthly Interest on such Distribution Date~~amount. If the ~~Collateral Interest Shortfall with respect to~~ Class A Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount is fully paid, an additional amount (~~"Collateral~~ “Class A Additional Interest"”) ~~shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (i) (A) a fraction, the numerator of which is ~~the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ 30 and the denominator of which is 360, times (B) the ~~Collateral~~ Class A Note Interest Rate in effect ~~during~~ with respect to the ~~period from (and including) the immediately preceding~~ related Distribution ~~Date to (but excluding) such Distribution Date,~~ Period plus 2% per annum and (ii) such ~~Collateral Interest Shortfall~~ Class A Deficiency Amount (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class A Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class A Noteholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) Pursuant to the Class A Note Purchase Agreement, certain Class A Ownership Tranches may from time to time be divided into one or more subdivisions (each, as further specified in the Class A Note Purchase Agreement, a “Class A Funding Tranche”) which will accrue interest on different bases. The amount of monthly interest ("“Class A Monthly Interest"”) distributable from the ~~Collection~~ Distribution Account with respect to the Class A ~~Certificates~~ Notes on any Distribution Date shall be an amount equal to the ~~product~~ aggregate amount of interest that accrued over that Distribution Period on each Class A Funding Tranche (iplus the aggregate amount of interest that accrued over any prior Distribution Period on any Class A Funding Tranche and has not yet been paid, plus additional interest (to the extent permitted by law) ~~a fraction~~on such overdue amounts at the weighted average interest rate applicable to the related Class A Ownership Tranche during that Distribution Period, and minus any overpayment of interest on the ~~numerator of which is the actual number of days in the period from (and including) the immediately preceding~~ prior Distribution Date ~~(or in the case~~ as a result of the ~~first Distribution~~ estimation referred to below), all as determined by Servicer on the related Determination Date. For purposes of such determination, Servicer shall rely upon information provided by the ~~Closing Date)~~ various Administrative Agents pursuant to ~~(but excluding) such Distribution Date and the denominator of which is 360, (ii)~~ the Class A ~~Certificate Rate for such Distribution Date and (iii) the outstanding principal balance~~ Note Purchase Agreement including estimates of the interest to accrue on any Class A ~~Certificates as of close of business on~~ Funding Tranche through the ~~immediately preceding Record~~ related Distribution Date. ~~On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if~~ The interest accrued on any ~~(the "~~Class A ~~Interest Shortfall"),~~ Ownership Tranche (or related Class A Funding Tranche) for any Distribution Period shall be determined using the applicable Tranche Rate and shall equal the product of (x) the Weighted Average Class A ~~Monthly Interest~~ Principal Balance for ~~such Distribution Date over~~ that Class A Ownership Tranche (or Class A Funding Tranche), (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate applicable Tranche Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and includingz) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable ~~law~~Day Count Fraction. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Indenture Supplement (Alliance Data Systems Corp)

Determination of Monthly Interest. (a) The amount of monthly interest ("~~Class~~ CLASS A ~~Monthly Interest~~MONTHLY INTEREST") distributable from the Collection Account with respect to the Class A ~~Certificates~~ Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class A ~~Certificate Rate for such Distribution Date and (iii) the outstanding principal balance~~ Note Principal Balance as of the ~~Class A Certificates as of~~ close of business on the ~~immediately~~ last day of the preceding ~~Record Date~~Due Period. On ~~the~~ each Determination ~~Date preceding each Distribution~~ Date, the Servicer shall determine the excess, if any (the "~~Class~~ CLASS A ~~Interest Shortfall~~INTEREST SHORTFALL"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds ~~allocated and available~~ expected to ~~pay~~ be paid with respect to such Class A Monthly Interest on ~~such~~ the related Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("~~Class~~ CLASS A ~~Additional Interest~~ADDITIONAL INTEREST") equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (~~ii) the sum of (x~~B) the Class A ~~Certificate~~ Note Interest Rate and (~~y) 2.0% per annum and (iii~~ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A ~~Certificateholders~~Noteholders) shall be payable as provided herein with respect to the Class A ~~Certificates~~Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A ~~Certificateholders~~ Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("~~Class~~ CLASS B ~~Monthly Interest~~MONTHLY INTEREST") distributable from the Collection Account with respect to the Class B ~~Certificates~~ Notes on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the Class B Note Interest Rate in effect with respect to the related Interest Period and (ii) the Class B ~~Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount~~ Note Principal Balance as of the close of business on the ~~immediately~~ last day of the preceding ~~Record Date~~Due Period. On ~~the~~ each Determination ~~Date preceding each Distribution~~ Date, the Servicer shall determine the excess, if any (the "~~Class~~ CLASS B ~~Interest Shortfall~~INTEREST SHORTFALL"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds ~~allocated and available~~ expected to ~~pay~~ be paid with respect to such Class B Monthly Interest on ~~such~~ the related Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("~~Class~~ CLASS B ~~Additional Interest~~ADDITIONAL INTEREST") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) the ~~Collateral~~ Class B Note Interest Rate in effect with respect to the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date, and (ii) the Collateral Invested Amount as of the close of business on the last day of the preceding Monthly Period; provided, however, with respect to the first Distribution Date, Collateral Monthly Interest shall be equal to the interest accrued on the Collateral Initial Invested Amount at the Collateral Rate for the period from the Closing Date to but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the "Collateral Interest Shortfall") equal to (x) the aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount ("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date and the denominator of which is 360, (B) the Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, and (ii) such ~~Collateral~~ Class B Interest Shortfall (or the portion thereof which has not been paid to the ~~Collateral Interest Holder)~~Class B Noteholders) shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, ~~Collateral~~ Class B Additional Interest shall be payable or distributed to the ~~Collateral Interest Holder~~ Class B Noteholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Indenture Supplement (Hrsi Funding Inc Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ~~("Class A Monthly Interest")~~ distributable ~~from the Collection Account with respect~~ to the Class A Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for such Distribution Date and (iii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class B Monthly Interest") distributable from the Collection Account with respect to the Class B Certificates on any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii) the Class B Invested Amount as of the close of business on the immediately preceding Record Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class B Interest Shortfall"), of (x) the Class B Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class B Monthly Interest on such Distribution Date. If the Class B Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class B Interest Shortfall is fully paid, an additional amount ("Class B Additional Interest") equal to the product of (i) a fraction, the numerator of which is the actual number of days in the period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii) the sum of (x) the Class B Certificate Rate and (y) 2.0% per annum and (iii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B Certificateholders) shall be payable as provided herein with respect to the Class B Certificates. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Certificateholders only to the extent permitted by applicable law. (c) The amount of monthly interest ("Collateral Monthly Interest") distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (B) (i) the ~~Collateral~~ Class A Certificate Rate in effect with respect to the ~~period from (and including) the immediately preceding Distribution Date (or in the case of the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date~~related Interest Period, and (ii) the ~~Collateral Invested Amount~~ outstanding principal balance of the Class A Certificates determined as of the close of business on the ~~last day~~ Distribution Date preceding the related Transfer Date (after giving effect to all of the ~~preceding~~ transactions occurring on such date) (the "Class A Monthly ~~Period~~Interest"); provided, however, that with respect to the first Distribution Date, ~~Collateral~~ Class A Monthly Interest ~~shall be equal to the~~ will include, accrued interest ~~accrued on the Collateral Initial Invested Amount~~ at the ~~Collateral~~ Class A Certificate Rate ~~for the period~~ from the Closing Date through January 14, 1999; provided, further, that in addition to ~~but excluding the first Distribution Date. On the Determination Date preceding each Distribution Date, the Servicer shall determine~~ Class A Monthly Interest an amount ~~(the "Collateral Interest Shortfall")~~ equal to ~~(x)~~ the ~~aggregate Collateral Monthly Interest for such Distribution Date minus (y) the aggregate~~ amount of ~~funds allocated and available to pay such Collateral Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to~~ any ~~Distribution Date is greater than zero~~unpaid Class A Deficiency Amounts, ~~on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid~~as defined below, plus an ~~additional~~ amount ~~("Collateral Additional Interest") shall be payable as provided herein with respect to the Collateral Invested Amount~~ equal to the product of (iA) (A1) a fraction, the numerator of which is the actual number of days in the ~~period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date~~ related Interest Period and the denominator of which is 360, times (2) the sum of the Class A Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (B) any Class A Deficiency Amount from the ~~Collateral Rate in effect during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution~~ prior Transfer Date, ~~and (ii) such Collateral Interest Shortfall~~ as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the ~~Collateral Interest Holder). Notwithstanding anything~~ "Class A Additional Interest") shall also be distributable to the ~~contrary herein~~Class A Certificates, ~~Collateral Additional Interest~~ and on such Transfer Date the Trustee shall ~~be payable or distributed to the Collateral Interest Holder only~~ deposit such funds, to the extent ~~permitted by applicable law~~available, into the Distribution Account. The "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount.

Appears in 1 contract

Samples: Supplement to Pooling and Servicing Agreement (Chase Manhattan Bank Usa)

Common use of Determination of Monthly Interest Clause in Contracts