Determination of Monthly Interest. (a) The amount of monthly interest distributable with respect to the Class A Certificates shall be an amount equal to one- twelfth of the product of (i) the Class A Certificate Rate times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

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

Determination of Monthly Interest. (a) The amount of monthly interest distributable ~~with respect~~ to the Class A Certificates shall ~~be an amount~~ equal ~~to one- twelfth of~~ the product of (i) (A) one-twelfth, times (B) the Class A Certificate Rate times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date, provided that on the 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, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $4,815,781.25;~~ provided ~~further,~~ further that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined ~~below,~~ below plus an amount equal to ~~one-twelfth of~~ the product of (A) (1) one-twelfth times (2) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof ~~which~~ that has not theretofore been paid to Class A ~~Certificateholders~~Holders) (the "Class A Additional Interest") ), shall also be distributable to the Class A Certificates, and on such Transfer Date ~~the~~ Trustee shall deposit such funds, to the extent available, into the Distribution Account~~; provided further, that the~~ . The "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection ~~4.06(a~~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 ~~Monthly~~ Additional Interest shall be ~~calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect~~ payable or distributed to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, A Certificateholders only to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthspermitted by applicable law. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

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

Determination of Monthly Interest. (a) The amount of monthly interest distributable with respect to the Class A Certificates shall be an amount equal to one- twelfth of the product of (i) the Class A Certificate Rate times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $~~4,815,781.25~~5,119,479.17; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $~~436,484.38~~474,687.50; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to ~~one-~~ one twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding ~~April~~ May 17, ~~2000~~1999. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

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

Determination of Monthly Interest. (a) The amount of monthly interest distributable with respect to the Class A Certificates shall be an amount equal to one- twelfth of the product of (i) the Class A Certificate Rate times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $~~4,815,781.25~~3,428,333.33; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $~~436,484.38~~311,666.67; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding ~~April 17~~January 18, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

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

Determination of Monthly Interest. ~~(a)~~ The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution Account with respect to the Class A ~~Certificates~~ Notes for any Interest Period on the related 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the July 2024 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 4,558,333.33. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders)~~ Servicer shall determine the excess, if any (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "“Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a)~~ Section 4.2 as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b“Class A Additional Interest”) ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 2 contracts

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

Determination of Monthly Interest. (a) The amount of monthly interest distributable with respect to the Class A Certificates shall be an amount equal to one- twelfth of the product of (i) the Class A Certificate Rate times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $~~4,815,781.25~~5,172,604.17; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $~~436,484.38~~474,375; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to ~~one-~~ one-twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to ~~one- twelfth of~~ the product of (i) a fraction, the ~~Collateral Minimum Rate~~numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (ii) the Collateral Minimum Rate in effect with respect to the related Interest Period, times (iii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding ~~April 17~~September 15, ~~2000~~1999. Collateral Minimum Monthly Interest shall be calculated on the basis of a the actual number of days in the related Interest Period and a 360-day ~~year consisting of twelve 30-day months~~year.

Appears in 2 contracts

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

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the December 2011 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 420,000.00. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders)~~ Servicer shall determine the excess, if any (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "“Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.2(a) as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b“Class A Additional Interest”) ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 2 contracts

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

Determination of Monthly Interest. (a) The amount of monthly interest distributable with respect to the Class A Certificates shall be an amount equal to one- twelfth of the product of (i) the Class A Certificate Rate times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $~~4,815,781.25~~4,766,666.67; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $~~436,484.38~~448,250; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to ~~one-~~ one-twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding ~~April~~ July 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

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

Determination of Monthly Interest. (a) The amount of monthly interest distributable with respect to the Class A Certificates shall be an amount equal to one- twelfth of the product of (i) the Class A Certificate Rate times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $~~4,815,781.25~~8,594,444.44; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $~~436,484.38~~801,666.67; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding ~~April 17~~November 15, ~~2000~~1999. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

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

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the August 2010 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 1,446,875.00. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders)~~ Servicer shall determine the excess, if any (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "“Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.2(a) as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b“Class A Additional Interest”) ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 2 contracts

Samples: Indenture Supplement (WFN Credit Co LLC), Indenture Supplement (WFN Credit Co LLC)

Determination of Monthly Interest. (a) The amount of monthly interest distributable ~~with respect~~ to the Class A Certificates 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 ~~times~~ in effect with respect to the related Interest Period, and (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that ~~with respect to the first Distribution Date, Class A Monthly Interest will be equal to $4,815,781.25; provided further, that~~ in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to ~~one-twelfth of~~ the product of (A) (1) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (2) the sum of the Class A Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account~~; provided further, that the~~ . The "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection ~~4.06(a~~4.6(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount~~. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months~~. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

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

Determination of Monthly Interest. (a) The amount of monthly interest distributable ~~with~~ in respect to of the Class A A-1 Certificates on each Distribution Date shall be an amount equal to ~~one- twelfth of~~ the product of (i) a fraction, the ~~Class A Certificate Rate times~~ numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal ~~balance~~ amount of the Class A A-1 Certificates determined as of the Record Date preceding ~~the related Transfer~~ such Distribution Date (the "“Class A A-1 Monthly Interest"”); provided~~, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $4,815,781.25; provided further~~, that in addition to Class A A-1 Monthly Interest an amount equal to the amount of any unpaid Class A A-1 Deficiency Amounts, as defined below, plus an amount equal to ~~one-twelfth of~~ the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (B) the sum of the Class A A-1 Certificate Rate ~~plus 2~~in effect with respect to the related Interest Period, and 1.0% per annum, and (BC) any Class A A-1 Deficiency ~~Amount~~ Amounts from the prior ~~Transfer~~ Distribution Date, as defined ~~below (~~below, or the portion thereof which has not theretofore been paid to Class ~~A Certificateholders)~~ A-1 Certificateholders (the "“Class A A-1 Additional Interest") ”), shall also be distributable to in respect of the Class A A-1 Certificates~~, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "~~. The “Class A A-1 Deficiency Amount" ” for any ~~Transfer~~ Distribution Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection ~~4.06(a~~4.6(a) ~~as of~~ for all Interest Periods prior to the ~~prior~~ immediately preceding Interest ~~Period~~ Period, over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment A-1 Certificateholders in respect of such ~~amount. Class B Monthly Interest shall be calculated~~ amounts on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsDistribution Dates.

Appears in 2 contracts

Samples: Series Supplement (Alliance Data Systems Corp), Pooling and Servicing Agreement (Charming Shoppes Inc)

Determination of Monthly Interest. (a) The amount of monthly interest distributable with respect to the Class A Certificates shall be an amount equal to one- twelfth of the product of (i) the Class A Certificate Rate times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $~~4,815,781.25~~7,593,333.33; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $~~436,484.38~~701,406.25; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding ~~April 17~~November 15, ~~2000~~1999. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

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

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to ~~one-~~ one-twelfth of the product of (i) the Class A Certificate Rate ~~times~~ and (ii) the outstanding principal balance of the Class A Certificates ~~determined~~ as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $2,712,225. On the Determination Date preceding each Distribution Date, the ~~related Transfer Date~~ Servicer shall determine the excess, if any (the "Class A ~~Monthly Interest~~Interest Shortfall")~~; provided~~, ~~however, that with respect to~~ of (x) the ~~first Distribution Date,~~ Class A Monthly Interest ~~will be equal~~ for such Distribution Date over (y) the aggregate amount of funds allocated and available to ~~$4,815,781.25; provided further, that in addition to~~ pay such Class A Monthly Interest ~~an amount equal to~~ on such Distribution Date. If the ~~amount of any unpaid~~ Class A ~~Deficiency Amounts~~Interest Shortfall with respect to any Distribution Date is greater than zero, ~~as defined below~~on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, ~~plus~~ an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (Ai) the sum of (x) the Class A Certificate Rate ~~plus 2~~and (y) 2.0% per ~~annum,~~ annum and (Bii) ~~any~~ such Class A ~~Deficiency Amount from the prior Transfer Date, as defined below~~ Interest Shortfall (or the portion thereof which has not ~~theretofore~~ been paid to the Class A Certificateholders) ~~(the "Class A Additional Interest")~~ shall ~~also~~ be ~~distributable~~ payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, ~~and on such Transfer Date~~ Class A Additional Interest shall be payable or distributed to the ~~Trustee shall deposit such funds,~~ Class A Certificateholders only to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthspermitted by applicable law. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 1 contract

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

Determination of Monthly Interest. ~~(a)~~ The amount of monthly interest distributable with respect to the Class A Certificates shall be an amount equal to one- twelfth of the product of (i) the Class A Certificate ~~Rate~~ Rate, times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to ~~$4,815,781.25~~interest accrued on the initial outstanding principal balance of the Class A Certificates at the Class A Certificate Rate from the Closing Date through October 14, 1997; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to ~~one-~~one- twelfth of the product of (A) the sum of the Class A Certificate ~~Rate~~ Rate, plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 1 contract

Samples: Supplement to Pooling and Servicing Agreement (Mbna America Bank National Association)

Determination of Monthly Interest. ~~(a)~~ 1.3.0.1. The amount of monthly interest distributable ~~with~~ in respect to of the Class A Certificates on 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 times~~ Rate, and (iiiii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding ~~the related Transfer~~ such Distribution Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to ~~$4,815,781.25~~interest accrued on the initial outstanding principal balance of the Class A Certificates at the Class A Certificate Rate from the Closing Date through January 14, 1998; provided further, however, 25 that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to ~~one-twelfth of~~ the product of (A) 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 the Class A Certificate ~~Rate plus 2~~Rate, and 2.0% per annum, and (BC) any Class A Deficiency ~~Amount~~ Amounts from the prior ~~Transfer~~ Distribution Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to in respect of the Class A Certificates~~, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the~~ . The "Class A Deficiency Amount" for any ~~Transfer~~ Distribution Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection ~~4.06(a~~4.6(a) ~~as of the~~ for all prior Interest ~~Period~~ Periods over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment A Certificateholders in respect of such ~~amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months~~amounts. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 1 contract

Samples: Supplement (Charming Shoppes Inc)

Determination of Monthly Interest. (a) The amount of monthly interest distributable ~~with respect~~ to the Class A Certificates shall be an amount equal to ~~one-~~ one-twelfth of the product of (i) the Class A Certificate ~~Rate~~ Rate, times and (ii) the outstanding principal balance of the Class A Certificates determined as of the ~~Record~~ close of business on the Distribution Date preceding the related Transfer Date (after giving effect to all of the transactions occurring on such date) (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will ~~be equal to $4,815,781.25~~include accrued interest at the Class A Certificate Rate from the Closing Date through September 14, 1997 (calculated as though there were 30 days in August); ~~provided~~ provided, further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate ~~Rate~~ Rate, plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.extent

Appears in 1 contract

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

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution Account with respect to the Class A ~~Certificates~~ Notes for any Interest Period on the related 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the July 2013 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 682,500.00. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders)~~ Servicer shall determine the excess, if any (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "“Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.2(a) as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b“Class A Additional Interest”) ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

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

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the September 2009 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 1,014,844.44. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders)~~ Servicer shall determine the excess, if any (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "“Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.2(a) as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b“Class A Additional Interest”) ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

Samples: Indenture Supplement (WFN Credit Co LLC)

Determination of Monthly Interest. (a) The amount of monthly interest distributable with respect to the Class A Certificates shall be an amount equal to ~~one-~~ one-twelfth of the product of (i) the Class A Certificate Rate times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $~~4,815,781.25~~8,594,444.44; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to ~~one-~~ one-twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $~~436,484.38~~801,666.67; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to ~~one-~~ one-twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to ~~one-~~ one-twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 1 contract

Samples: Amended and Restated Series 1999 J Supplement (BA Credit Card Funding, LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the September 2009 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 1,330,711.11. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders)~~ Servicer shall determine the excess, if any (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "“Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.2(a) as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b“Class A Additional Interest”) ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

Samples: Indenture Supplement (WFN Credit Co LLC)

Determination of Monthly Interest. (a) The amount of monthly interest distributable ~~with respect~~ to the Class A Certificates shall be an amount equal to ~~one-~~ one-twelfth of the product of (i) the Class A Certificate Rate ~~times~~ and (ii) the outstanding principal balance of the Class A Certificates determined as of the ~~Record~~ close of business on the Distribution Date preceding the related Transfer Date (after giving effect to all of the transactions occurring on such date) (the "Class A Monthly Interest"); provided, -------- however, that with respect to the first Distribution Date, Class A Monthly ------- Interest will ~~be equal to $4,815,781.25~~include, accrued interest at the Class A Certificate Rate from the Closing Date through February 14, 1998 (calculated as though there were 30 days in each of December and January); ~~provided~~ provided, further, that in addition to Class A -------- ------- Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account~~; provided further, that the~~ . The "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection ~~4.06(a~~4.6(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount~~. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months~~. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 1 contract

Samples: Supplement (Chase Manhattan Bank Usa)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the October 2008 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 614,315.63. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders)~~ Servicer shall determine the excess, if any (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "“Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.2(a) as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b“Class A Additional Interest”) ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

Samples: Indenture Supplement (WFN Credit Co LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the May 2012 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 1,187,312.50. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders)~~ Servicer shall determine the excess, if any (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "“Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.2(a) as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b“Class A Additional Interest”) ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

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

Determination of Monthly Interest. (a) The amount of monthly interest distributable with respect to the Class A Certificates shall be an amount equal to ~~one-~~ one-twelfth of the product of (i) the Class A Certificate Rate times (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $~~4,815,781.25~~4,766,666.67; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to ~~one-~~ one-twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $~~436,484.38~~448,250; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to ~~one-~~ one-twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to ~~one-~~ one-twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 1 contract

Samples: Amended and Restated Series 2000 E Supplement (BA Credit Card Funding, LLC)

Determination of Monthly Interest. ~~(a)~~ The amount of monthly interest ("Class A Monthly Interest") distributable from the Distribution Account with respect to the Class A ~~Certificates~~ Notes for any Interest Period on the related 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the September 2014 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 289,750. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below~~ the Servicer shall determine the excess, if any (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~"), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a)~~ Section 4.2 as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b"Class A Additional Interest") ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

Samples: Indenture Supplement (WFN Credit Co LLC)

Determination of Monthly Interest. (a) The amount of monthly interest distributable from the Collection Account with respect to the Class ~~A Certificates~~ A-1 Notes on any Distribution Date (“Class A-1 Monthly Interest”) shall be an amount equal to ~~one- twelfth~~ the sum of the Class A-1 Daily Interest for each day in such Interest Period. The amount of interest (the “Class A-1 Daily Interest”) allocable to the Class A-1 Notes with respect to any day falling in any Interest Period shall be an amount equal to the product of (i) the Class ~~A Certificate~~ A-1 Note Rate ~~times~~ for that Interest Period, (ii) a fraction the ~~outstanding principal balance~~ numerator of which is 1 and the denominator of which is 360 and (iii) the Class ~~A Certificates determined~~ A-1 Note Principal Balance as of the ~~Record~~ close of business on such day. On the Determination Date preceding each Distribution Date, the ~~related Transfer Date~~ Servicer shall determine the excess, if any (the "“Class A A-1 Interest Shortfall”), of (x) the Class A-1 Monthly ~~Interest"); provided, however, that~~ Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A-1 Monthly Interest on such Distribution Date. If the Class A-1 Interest Shortfall with respect to ~~the first~~ any Distribution ~~Date~~Date is greater than zero, on each subsequent Distribution Date until such Class ~~A Monthly~~ A-1 Interest ~~will be~~ Shortfall is fully paid, an additional amount (“Class A-1 Additional Interest”) equal to $4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (i) (A) a fraction, the ~~sum~~ numerator of which is the ~~Class A Certificate Rate plus 2% per annum~~actual number of days in the related Interest Period and the denominator of which is 360, ~~and~~ times (B) ~~any~~ the Class ~~A Deficiency Amount from the prior Transfer Date, as defined below~~ A-1 Note Rate and (ii) such Class A-1 Interest Shortfall (or the portion thereof which has not ~~theretofore~~ been paid to on the Class ~~A Certificateholders) (the "Class A Additional Interest"~~A-1 Notes) shall ~~also~~ be ~~distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable herein with respect to the Class ~~B Certificates~~ A-1 Notes. Notwithstanding anything to the contrary herein, Class A-1 Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i)~~ payable or distributed on the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, A-1 Notes only to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthspermitted by applicable law. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 1 contract

Samples: Indenture Supplement (Atlanticus Holdings Corp)

Determination of Monthly Interest. (a) The amount of monthly interest distributable ~~with respect~~ to the Class A Certificates 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 Distribution Period and the denominator of which is 360, times (ii) the Class A Certificate ~~Rate~~ Rate, times (iiiii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); ~~provided, however,~~ provided that ~~with respect to the first Distribution Date,~~ (x) Class A Monthly Interest for the first Distribution Period will be ~~equal to~~ $~~4,815,781.25; provided further, that~~ 2,102,882.25 and (y) in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, ~~as defined below,~~ plus an amount equal to ~~one-twelfth of~~ the product of (A) (1) a fraction, the numerator of which is the actual number of days in the related Distribution Period and the denominator of which is 360, times (2) the sum of the Class A Certificate ~~Rate~~ Rate, plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer ~~Date, as defined below~~ Date (or the portion thereof which has not theretofore been paid to Class A ~~Certificateholders~~Holders) (the "Class A Additional Interest") ), shall also be distributable to the Class A Certificates, and on such Transfer Date ~~the~~ Trustee shall deposit such funds, to the extent available, into the Distribution Account~~; provided further, that the~~ . The "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.8(a) as of the prior ~~Interest~~ Distribution Period over the amount actually transferred to from the Distribution Account for payment of such amount~~. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months~~. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (World Financial Network National Bank)

Determination of Monthly Interest. (a) The amount of monthly interest distributable ~~with respect~~ to the Class A Certificates shall be an amount equal to ~~one-~~ one-twelfth of the product of (i) the Class A Certificate Rate ~~times~~ and (ii) the outstanding principal balance of the Class A Certificates determined as of the ~~Record~~ close of business on the Distribution Date preceding the related Transfer Date (after giving effect to all of the transactions occurring on such date) (the "Class A Monthly Interest"); provided, -------- however, that with respect to the first Distribution Date, Class A Monthly ------- Interest will ~~be equal to $4,815,781.25~~include, accrued interest at the Class A Certificate Rate from the Closing Date through June 14, 1998 (calculated as though there were 30 days in May); ~~provided~~ provided, further, that in addition to Class A Monthly Interest an amount -------- ------- equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account~~; provided further, that the~~ . The "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection ~~4.06(a~~4.6(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount~~. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months~~. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 1 contract

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

Determination of Monthly Interest. ~~(a)~~ The amount of monthly interest ("Class A Monthly Interest") distributable from the Distribution Account with respect to the Class A ~~Certificates~~ Notes for any Interest Period on the related 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the October 2015 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 1,816,875. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below~~ the Servicer shall determine the excess, if any (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~"), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a)~~ Section 4.2 as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b"Class A Additional Interest") ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

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

Determination of Monthly Interest. (a) The amount of monthly interest distributable ~~with~~ in respect to of the Class A Certificates on each Distribution Date shall be an amount equal to ~~one- twelfth of~~ the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A Certificate Rate ~~times~~ in effect with respect to the related Interest Period, and (iiiii) the outstanding principal ~~balance~~ amount of the Class A Certificates determined as of the Record Date preceding ~~the related Transfer~~ such Distribution Date (the "Class A Monthly Interest"); provided, however~~, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $4,815,781.25; provided further~~, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to ~~one-twelfth of~~ the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (B) the sum of the Class A Certificate Rate ~~plus 2~~and 1.0% per annum, and (BC) any Class A Deficiency ~~Amount~~ Amounts from the prior ~~Transfer~~ Distribution Date, as defined ~~below (~~below, or the portion thereof which has not theretofore been paid to Class A ~~Certificateholders)~~ Certificateholders (the "Class A Additional Interest") ), shall also be distributable to in respect of the Class A Certificates~~, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the~~ . The "Class A Deficiency Amount" for any ~~Transfer~~ Distribution Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection ~~4.06(a~~4.6(a) ~~as of~~ for all Interest Periods prior to the ~~prior~~ immediately preceding Interest ~~Period~~ Period, over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment A Certificateholders in respect of such ~~amount. Class B Monthly Interest shall be calculated~~ amounts on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsDistribution Dates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Charming Shoppes Inc)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A-1 Monthly Interest”) distributable from the Distribution Account with respect to the Class ~~A Certificates~~ A-1 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 Distribution Period and the denominator of which is 360, times (B) the Class ~~A Certificate~~ A-1 Note Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class ~~A Certificates determined~~ A-1 Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the first Distribution Date following the Additional Issuance Date, Class A Monthly Interest will be equal to $4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class ~~A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from~~ A-1 Note Initial Principal Balance). On the ~~prior Transfer~~ Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest")~~ Servicer shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to determine the excess, if ~~any~~any (the “Class A-1 Deficiency Amount”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.2(a) as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. ~~Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to~~ If the Class ~~B Certificates shall be~~ A-1 Deficiency Amount for any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A-1 Deficiency Amount is fully paid, an additional amount (“Class A-1 Additional Interest”) equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is the actual number of days in the related Distribution Period and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A-1 Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A-1 Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A-1 Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A-1 Notes. Notwithstanding anything to the contrary herein, Class A-1 Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A-1 Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

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

Determination of Monthly Interest. (a) The amount of monthly interest distributable ~~with respect~~ to the Class A Certificates on each Distribution Date 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 ~~times~~ in effect with respect to the related Interest Period, and (ii) the outstanding principal balance of the Class A Certificates determined as of the Record Date preceding the related Transfer Date (the "Class A Monthly Interest"); provided, however, that ~~with respect to the first Distribution Date, Class A Monthly Interest will be equal to $4,815,781.25; provided further, that~~ in addition to Class A Monthly Interest an amount equal to the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to ~~one-twelfth of~~ the product of (A) (1) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (2) the sum of the Class A Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account~~; provided further, that the~~ . The "Class A Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection ~~4.06(a~~4.6(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount~~. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months~~. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount distributed to the Collateral Interest Holder with respect to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 1 contract

Samples: Series Supplement (First National Bank of Atlanta)

Determination of Monthly Interest. ~~(a)~~ The amount of monthly interest ("Class A Monthly Interest") distributable from the Distribution Account with respect to the Class A ~~Certificates~~ Notes for any Interest Period on the related 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the December 2014 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 528,305.56. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below~~ the Servicer shall determine the excess, if any (or the portion thereof which has not theretofore been paid to Class A Certificateholders) (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~"), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a)~~ Section 4.2 as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b"Class A Additional Interest") ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

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

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the August 2012 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 413,111.11. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders)~~ Servicer shall determine the excess, if any (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "“Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.2(a) as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b“Class A Additional Interest”) ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

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

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the November 2012 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 836,111.11. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders)~~ Servicer shall determine the excess, if any (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "“Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.2(a) as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b“Class A Additional Interest”) ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

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

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the May 2009 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 2,218,222.22. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders)~~ Servicer shall determine the excess, if any (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "“Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.2(a) as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b“Class A Additional Interest”) ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

Samples: Indenture Supplement (WFN Credit Co LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the August 2012 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 322,111.11. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders)~~ Servicer shall determine the excess, if any (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "“Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.2(a) as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b“Class A Additional Interest”) ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

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

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Distribution 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 Interest Rate ~~times~~ in effect with respect to the related Distribution Period and (ii) the ~~outstanding principal balance of the~~ Class A ~~Certificates determined~~ Note Principal Balance as of the ~~Record Date~~ close of business on the last day of the preceding ~~the related Transfer Date~~ Monthly Period (~~the "Class A Monthly Interest"); provided~~or, ~~however, that~~ with respect to the ~~first~~ initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest ~~will~~ for the September 2009 Distribution Date shall be ~~equal to~~ $~~4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to~~ 230,755.56. On the amount of any unpaid Class A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class A Certificate Rate plus 2% per annum, and (B) any Class A Deficiency Amount from the prior Transfer Determination Date preceding each Distribution Date, ~~as defined below (or~~ the ~~portion thereof which has not theretofore been paid to Class A Certificateholders)~~ Servicer shall determine the excess, if any (the "Class A Additional Interest") shall also be distributable to the Class A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "“Class A Deficiency Amount~~" for any Transfer Date shall be equal to the excess, if any~~”), of (x) the aggregate amount accrued pursuant to this ~~subsection 4.06(a~~Section 4.2(a) as of the prior ~~Interest Period~~ Distribution Date over (y) the amount actually transferred to from the Distribution Account for payment of such amount. If the Class A ~~Monthly Interest shall be calculated~~ Deficiency Amount for any Distribution Date is greater than zero, on ~~the basis of a 360-day year consisting of twelve 30-day months.~~ each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (b“Class A Additional Interest”) ~~The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount~~ equal to ~~one- twelfth of~~ the product of (i) (A) a fraction, the ~~Class B Certificate Rate~~numerator of which is 30 and the denominator of which is 360, times (iiB) the ~~outstanding principal balance of the~~ Class ~~B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that~~ A Note Interest Rate in effect with respect to the ~~first~~ related Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate Period plus 2% per ~~annum,~~ annum and (Bii) ~~any~~ such Class B A Deficiency Amount ~~from the prior Transfer Date, as defined below~~ (or the portion thereof which has not ~~theretofore~~ been paid to the Class ~~B Certificateholders) (the "Class B Additional Interest"~~A Noteholders) shall ~~also~~ be ~~distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account;~~ payable as provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable herein with respect to the ~~Collateral~~ Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be ~~an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (ii) the Collateral Interest Initial Amount less the aggregate amount~~ payable or distributed to the ~~Collateral Interest Holder with respect~~ Class A Noteholders only to the Collateral Monthly Principal for all prior Transfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day monthsextent permitted by applicable law.

Appears in 1 contract

Samples: Indenture Supplement (WFN Credit Co LLC)

Common use of Determination of Monthly Interest Clause in Contracts