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 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 4 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 Account with respect to the Class A ~~Certificates~~ Notes 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 related Interest Period and the denominator of which is 360, times (B) the Class A ~~Certificate~~ Note Rate and (ii) 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; provided that Class A~~ Monthly ~~Interest for the first Distribution Date shall be an amount equal to $1,780,000.00~~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 ~~one-twelfth of~~ the product of (i) (A) a fraction, the ~~sum~~ numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (xB) the Class A ~~Certificate~~ Note Rate ~~and (y) 2.0% per annum~~ and (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.

Appears in 3 contracts

Samples: Indenture (National City Bank /), Indenture (National City Credit Card Master Trust), Indenture (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~~ Notes 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 related Interest Period and the denominator of which is 360, times (B) the Class A ~~Certificate~~ Note Rate and (ii) 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; provided that Class A~~ Monthly ~~Interest for the first Distribution Date shall be an amount equal to $1,780,000.00~~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 ~~one-twelfth of~~ the product of (i) (A) a fraction, the ~~sum~~ numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (xB) the Class A ~~Certificate~~ Note Rate ~~and (y) 2.0% per annum~~ and (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.

Appears in 3 contracts

Samples: Indenture (National City Credit Card Master Trust), National City Bank /, National City 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) the Class A Certificate Rate and (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~~1,671,666.67. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~1,093,333.33. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Series (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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~1,466,666.67. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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~~ shall be determined as of each Transfer Date and shall be an amount equal to ~~one-twelfth of~~ the product of (ii)(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, and (ii) the ~~outstanding principal balance~~ Class A Ownership Interest determined as of the Record Date occurring during such Interest Period (the "Class A ~~Certificates as of close of business on the immediately preceding Record Date~~Monthly Interest"); ~~provided~~ provided, however, that in addition to 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 sum of (i) the ~~sum~~ amount of any unpaid Class A Deficiency Amounts, as defined below, and (ii) an amount equal to the product of (xA) (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) 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 (ii) 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.

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 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) one-twelfth, times (B) the Class A Certificate Rate ~~and~~ times (ii) the outstanding principal balance of the Class A Certificates determined as of ~~close of business~~ the Record Date preceding the related Transfer Date, provided that on the ~~immediately preceding Record Date~~first Distribution Date interest will be distributable to the Class A Certificates in the amount of $1,684,587.50 (the "Class A Monthly Interest"); provided further that in addition to 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~~ amount of any ~~(the “~~unpaid Class A ~~Interest Shortfall”)~~Deficiency Amounts, ~~of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate~~ as defined below plus an 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 (iA) (1) one-twelfth times (2) the sum of ~~(x)~~ the Class A Certificate Rate plus 2% per annum, and (yB) ~~2.0% per annum and (ii) such~~ any Class A ~~Interest Shortfall~~ Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof ~~which~~ that has not theretofore been paid to ~~the~~ Class A ~~Certificateholders~~Holders) (the "Class A Additional Interest"), shall also be ~~payable as provided herein with respect~~ distributable to the Class A Certificates, and on such Transfer Date 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 accrued pursuant to this subsection 4.8(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. 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.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (First National Bank of Commerce), Pooling and Servicing Agreement (First National Bank of Commerce)

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 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~~1,003,333.33. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Series (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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~3,196,111.11. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Series (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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Series 2022 (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) the Class A Certificate Rate and (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 ~~$1,780,000.00~~$ 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Series (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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 1 contract

Samples: 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 ~~Class A Certificate Rate and (ii)~~ numerator of which is the ~~outstanding principal balance~~ actual number of days in the ~~Class A Certificates as of close of business on~~ period from and; provided, however, that, with respect to the ~~immediately preceding Record~~ first Distribution Date~~; provided that~~ , Class A Monthly Interest ~~for the first Distribution Date~~ shall be ~~an amount equal to~~ $~~1,780,000.00~~3,573,975.91. 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) including the preceding Distribution Date to but excluding such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for the related Interest Period and (iii) the outstanding principal balance of the Class A Certificates as of the preceding Record Datethe 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 one-twelfth of the product of (i) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (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.

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 Account with respect to the Class A ~~Certificates~~ Notes 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 30 and the denominator of which is 360, times (B) the Class A ~~Certificate~~ Note Rate and (ii) 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; provided however that ~~Class A Monthly Interest~~ for the first ~~Distribution Date shall be an~~ Interest Payment Date, the amount ~~equal to~~ of interest due is $~~1,780,000.00~~1,062,395.83. 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) a fraction, the ~~sum~~ numerator of which is 30 and the denominator of which is 360, times (xB) the Class A ~~Certificate~~ Note Rate ~~and (y) 2.0% per annum~~ and (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.

Appears in 1 contract

Samples: Indenture (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~~ Notes on any ~~Distribution~~ Payment Date shall be an amount equal to one-twelfth of the product of (i) the Class A ~~Certificate~~ Note Interest Rate and (ii) 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; provided that the Class A Monthly Interest for the first ~~Distribution~~ Payment Date shall be an amount equal to $~~1,780,000.00~~4,243,333.33. 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 one-twelfth of the product of (i) the sum of (x) the Class A ~~Certificate~~ Note Interest Rate and (y) 2.0% per annum and (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.

Appears in 1 contract

Samples: American Express Issuance Trust (American Express Issuance 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) the Class A Certificate Rate and (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~~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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 1 contract

Samples: Series 2012 (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) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of ~~close of business on~~ the ~~immediately~~ preceding Record Date; ~~provided that~~ provided, however, that, with respect to the first Distribution Date, Class A Monthly Interest ~~for the first Distribution Date~~ shall be ~~an amount equal to~~ $~~1,780,000.00~~2,686,395.83. 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 one-twelfth of the product of (i) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (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.

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 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 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~~1,427,916.67. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 1 contract

Samples: 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) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the ~~immediately preceding Record Date~~last day of the most recently ended Monthly Period; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $~~1,780,000.00~~2,508,500. 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) one-twelfth of the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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 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 close of business on the ~~immediately preceding Record Date~~last day of the most recently ended Monthly Period; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $~~1,780,000.00~~730,804.86. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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) the Class A Certificate Rate and (ii) the outstanding principal ~~balance~~ amount of the Class A Certificates as of the close of business on the ~~immediately~~ preceding Record Date; ~~provided that~~ provided, however, with respect to the January 2003 Distribution Date, Class A Monthly Interest ~~for the first Distribution Date~~ shall be ~~an amount~~ equal to $~~1,780,000.00~~2,386,197.92. 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) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (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.

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) the Class A Certificate Rate and (ii) the outstanding principal ~~balance~~ amount of the Class A Certificates as of ~~close of business on~~ the immediately preceding Record Date; ~~provided that~~ provided, however, with respect to the first Distribution Date, Class A Monthly Interest ~~for the first Distribution Date~~ shall be ~~an amount~~ equal to $~~1,780,000.00~~2,696,354.17. 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 one-twelfth of the product of (i) the ~~sum of (x) the~~ Class A Certificate Rate ~~and (y) 2.0% per annum~~ and (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 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.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Providian 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) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the ~~immediately~~ last day of the preceding ~~Record Date~~Monthly Period; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $~~1,780,000.00~~7,381,333.33. 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) one-twelfth of the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 1 contract

Samples: 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~~ Notes 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 30 and the denominator of which is 360, times (B) the Class A ~~Certificate~~ Note Rate and (ii) 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; provided that Class A~~ Monthly ~~Interest for the first Distribution Date shall be an amount equal to $1,780,000.00~~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 ~~one-twelfth of~~ the product of (i) (A) a fraction, the ~~sum~~ numerator of which is 30 and the denominator of which is 360, times (xB) the Class A ~~Certificate~~ Note Rate ~~and (y) 2.0% per annum~~ and (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.

Appears in 1 contract

Samples: Indenture (National City 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) the Class A Certificate Rate and (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~~1,540,000.00. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 1 contract

Samples: 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) the Class A Certificate Rate and (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~~ provided, however, that, with respect to the first Distribution ~~Date~~ Date, Class A -------- ------- Monthly Interest shall be ~~an amount~~ equal to $~~1,780,000.00~~2,241,000.00. 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 one-twelfth of the product of (i) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (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.

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 Account with respect to the ~~Class A~~ Series 2016-E-I 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~~ Invested Amount of the ~~Class A~~ Series 2016-E-I 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~~133,995.85. 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) the sum of (x) the ~~Class A~~ Certificate Rate and (y) 2.0% per annum and (ii) such ~~Class A~~ Interest Shortfall (or the portion thereof which has not been paid to the ~~Class A Certificateholders~~Series 0000-X-X Xxxxxxxxxxxxxxxxxx) shall be payable as provided herein with respect to the ~~Class A~~ Series 2016-E-I Certificates. Notwithstanding anything to the contrary herein, ~~Class A~~ Additional Interest shall be payable or distributed to the ~~Class A~~ Series 2016-E-I Certificateholders only to the extent permitted by applicable law.

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”") distributable from the Collection Account with respect to the Class A Certificates on ~~any~~ each Distribution Date shall be an amount equal to ~~one-~~one twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal ~~balance~~ amount of the Class A Certificates as of the close of business on the ~~immediately~~ preceding Record Date; ~~provided that~~ provided, however, with respect to the December 2001 Distribution Date, Class A Monthly Interest ~~for the first Distribution Date~~ shall be ~~an amount~~ equal to $~~1,780,000.00~~3,813,680. 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-~~one twelfth of the product of (i) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (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.

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~~ Notes on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) (the Class A ~~Certificate~~ Note Interest Rate and (ii) the ~~outstanding principal balance~~ Class A Note Principal Balance as of the ~~Class A Certificates as of~~ close of business on the ~~immediately~~ last day of the preceding ~~Record Date; provided that~~ Due Period. The Class A Monthly Interest for the first Distribution Date ~~shall be an amount~~ will equal to $~~1,780,000.00~~1,354,506.67. On ~~the~~ each 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~~ 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 A Additional Interest”") equal to one-twelfth of the product of (i) the ~~sum of (x) the~~ Class A ~~Certificate~~ Note Interest Rate ~~and (y) 2.0% per annum~~ and (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.

Appears in 1 contract

Samples: Household Affinity Funding Corp Iii

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 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~~5,242,013.89. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 1 contract

Samples: 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~~ Series 2016-E-II 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~~ Invested Amount of the ~~Class A~~ Series 2016-E-II 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~~138,615.63. 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) the sum of (x) the ~~Class A~~ Certificate Rate and (y) 2.0% per annum and (ii) such ~~Class A~~ Interest Shortfall (or the portion thereof which has not been paid to the ~~Class A Certificateholders~~Series 0000-X-XX Xxxxxxxxxxxxxxxxxx) shall be payable as provided herein with respect to the ~~Class A Certificates~~Series 0000-X-XX Xxxxxxxxxxxx. Notwithstanding anything to the contrary herein, ~~Class A~~ Additional Interest shall be payable or distributed to the ~~Class A~~ Series 2016-E-II Certificateholders only to the extent permitted by applicable law.

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”) 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 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~~435,555.56. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 1 contract

Samples: 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) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the ~~immediately preceding Record Date~~last day of the most recently ended Monthly Period; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $~~1,780,000.00~~1,930,031.25. 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) one-twelfth of the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 1 contract

Samples: 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) the Class A Certificate Rate and (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~~ provided, however, that, with respect to the first Distribution ~~Date~~ Date, Class A -------- ------- Monthly Interest shall be ~~an amount equal to~~ $~~1,780,000.00~~2,439,937.50. 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 one-twelfth of the product of (i) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (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.

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 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 ~~close of business on~~ the ~~immediately~~ preceding Record Date; ~~provided that Class A Monthly Interest for~~ provided, however, that, with respect to the first Distribution ~~Date~~ Date, Class A -------- ------- Monthly Interest shall be ~~an amount equal to~~ $~~1,780,000.00~~3,277,895.83. 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 one-twelfth of the product of (i) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (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.

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 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) the Class A Certificate Rate and (ii) the outstanding principal ~~balance~~ amount of the Class A Certificates as of the close of business on the ~~immediately~~ preceding Record Date; ~~provided that~~ provided, however, with respect to the April 2003 Distribution Date, Class A Monthly Interest ~~for the first Distribution Date~~ shall be ~~an amount~~ equal to $~~1,780,000.00~~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) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (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.

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~~ "CLASS A ~~Monthly Interest”~~MONTHLY INTEREST") distributable from the Collection Account with respect to the Class A ~~Certificates~~ Notes (i) on ~~any~~ the initial 16 20 Distribution Date shall be an amount equal to ~~one-twelfth of~~ the product of (iA) twenty nine - three hundreds sixtieths (29/360), (B) the Class A ~~Certificate Rate~~ Note Interest Rate, and (iiC) ~~the outstanding principal balance of~~ the Class A ~~Certificates~~ Note Principal Balance as of the close of business on the ~~immediately preceding Record~~ Closing Date; ~~provided that Class A Monthly Interest for the first~~ and (ii) on any subsequent Distribution Date shall be an amount equal to ~~$1,780,000.00~~the product of (A) one-twelfth, (B) the Class A Note Interest Rate and (C) the Class A Note Principal Balance as of the close of business on the last day of the preceding 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 ~~one-twelfth of~~ the product of (i) ~~the sum of~~ (xA) one-twelfth, times (B) the Class A ~~Certificate~~ Note Interest Rate ~~and (y) 2.0% per annum~~ and (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.

Appears in 1 contract

Samples: Hrsi Funding Inc Ii

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”") 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 close of business on the ~~immediately preceding Record Date~~last day of the most recently ended Monthly Period; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $~~1,780,000.00~~3,498,444.44. 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) one-twelfth of the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 1 contract

Samples: 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) the Class A Certificate Rate for such Distribution Date and (ii) the outstanding principal balance of the Class A Certificates as of the 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~~745,543.50. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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 (“the "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 close of business on the ~~immediately~~ preceding Record Date; , provided ~~that~~ that, in the case of the first Distribution Date, 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) the ~~sum of (x) the~~ Class A Certificate Rate ~~and (y)~~ plus 2.0% per annum and (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.

Appears in 1 contract

Samples: Credit Card Receivables Funding Corp

Determination of Monthly Interest. (a) The amount of monthly interest ~~(“Class A Monthly Interest”)~~ distributable ~~from the Collection Account with~~ in respect to of 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 related Interest Period and the denominator of which is 360, (ii) the Class A Certificate ~~Rate~~ Rate, and (iiiii) the outstanding principal balance of the Class A Certificates determined as of ~~close of business on~~ the ~~immediately~~ Record Date preceding ~~Record~~ such Distribution Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date~~; provided that~~ , Class A Monthly Interest ~~for~~ will be equal to interest accrued on the ~~first Distribution~~ initial outstanding principal balance of the Class A Certificates at the Class A Certificate Rate from the Closing Date ~~shall be~~ through __________, ___ 1999; provided further, however, that in addition to Class A Monthly Interest an amount equal to ~~$1,780,000.00. On~~ the ~~Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if~~ amount of any ~~(the “~~unpaid Class A ~~Interest Shortfall”)~~Deficiency Amounts, ~~of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate~~ as defined below, plus an 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 (iA) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, (B) the sum of ~~(x)~~ the Class A Certificate Rate and ~~(y) 2.0~~1.0% per ~~annum~~ annum, and (iiC) ~~such~~ any Class A ~~Interest Shortfall (~~Deficiency Amounts from the prior Distribution Date, as defined below, or the portion thereof which has not theretofore been paid to ~~the~~ Class A ~~Certificateholders)~~ Certificateholders (the "Class A Additional Interest"), shall ~~be payable as provided herein with~~ also 9be distributable in respect to of 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.~~The "

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Charming Shoppes Receivables 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) the Class A Certificate Rate and (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~~2,066,666.67. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 1 contract

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

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”) 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 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~~2,071,875.00. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

Appears in 1 contract

Samples: 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) the Class A Certificate Rate and (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~~680,000.00. 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) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (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.

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”) 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 ~~close of business on~~ the ~~immediately~~ preceding Record Date; ~~provided that~~ provided, however, that, with respect to the first Distribution Date, Class A Monthly Interest ~~for the first Distribution Date~~ shall be ~~an amount equal to~~ $~~1,780,000.00~~2,861,263.89. 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 one-twelfth of the product of (i) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (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.

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 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 ~~close of business on~~ the ~~immediately~~ preceding Record Date; ~~provided that Class A Monthly Interest for~~ provided, however, that, with respect to the first Distribution ~~Date~~ Date, Class A -------- ------- Monthly Interest shall be ~~an amount equal to~~ $~~1,780,000.00~~4,750,777.78. 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 one-twelfth of the product of (i) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (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.

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 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 ~~close of business on~~ the ~~immediately~~ preceding Record Date; ~~provided that Class A Monthly Interest for~~ provided, however, that, with respect to the first Distribution ~~Date~~ Date, Class A -------- ------ Monthly Interest shall be ~~an amount~~ equal to $~~1,780,000.00~~4,125,100. 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 one-twelfth of the product of (i) the ~~sum of (x) the~~ Class A ~~Certificate~~ Penalty Rate ~~and (y) 2.0% per annum~~ and (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.

Appears in 1 contract

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

Common use of Determination of Monthly Interest Clause in Contracts