Determination of Series. Monthly Interest.
(a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Notes for any Payment Date shall be an amount equal to the product of (i) (x) a fraction, the numerator of which is [the actual number of days in the related Interest Period][thirty (30)] and the denominator of which is 360, times (y) the Class A Note Interest Rate in effect for the related Interest Period and (ii) the Outstanding Dollar Principal Amount of the Class A Notes as of the close of business on the Record Date[; provided, however, that for the first Payment Date, the Class A Monthly Interest shall equal $[•]]. On the Note Transfer Date preceding each Payment Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (i) the Class A Monthly Interest for such Payment Date over (ii) the aggregate amount of funds retained in the Collection Account and allocated and available to pay such Class A Monthly Interest on such Payment Date. If the Class A Interest Shortfall with respect to any Payment Date is greater than zero, on each subsequent Payment Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (x) a fraction, the numerator of which is [the actual number of days in the related Interest Period][thirty (30)] and the denominator of which is 360, times (y) the Class A Note Interest Rate in effect for the related Interest Period plus 2% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Noteholders only to the extent permitted by applicable law.
(b) The amount of monthly interest (“Class B Monthly Interest”) distributable from the Collection Account with respect to the Class B Notes for any Payment Date shall be an amount equal to the product of (i) (x) a fraction, the numerator of which is thirty (30) and the denominator of which is 360, times (y) the Class B Note Interest Rate in effect for the related Interest Period and (iii) the Outstanding Dollar Principal Amount of the Class B Notes as of the close of business on the Record Date. On the Note Transfer Date preceding each Payment Date, the Servicer shall determin...
Determination of Series. 1998-1 MONTHLY PRINCIPAL.
(a) PAYMENTS OF SERIES 1998-1
Determination of Series. [__]-[__] Monthly Principal. The amount of monthly principal made available with respect to the Series [__]-[__] Notes for any Payment Date (the “Series [__]-[__] Monthly Principal”), shall be equal to (a) during the Revolving Period, zero and (b) beginning with the Payment Date in the month following the month in which the Controlled Accumulation Period or, if earlier, the Early Amortization Period, begins, shall be equal to the least of (i) the Series [__]-[__] Available Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f), currently on deposit in the Collection Account with respect to such Payment Date, (ii) for each Payment Date with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Payment Date and (iii) the Allocation Amount for such Payment Date (after taking into account any adjustments to be made on such Payment Date pursuant to Section 4.04, Section 4.07, and Section 4.08).
Determination of Series. 1997-1 Amortization Principal Payments. The amount (the "Series 1997-1 Amortization Principal Payment") distributable from the Series 1997-1 Principal Collection Sub-subaccount on each Funding Period Settlement Date during the Amortization Period shall be equal to the lesser of (a) the aggregate Invested Amount allocated to such Funding Period and (b) the amount on deposit in such account on such Funding Period Settlement Date.
Determination of Series. [__]-[__] Monthly Interest.
(a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Notes for any Payment Date shall be an amount equal to the product of (i) (x) a fraction, the numerator of which is [the actual number of days in the related Interest Period] [thirty (30)] and the denominator of which is 360, times (y) the Class A Note Interest Rate in effect for the related Interest Period and (ii) the Outstanding Dollar Principal Amount of the Class A Notes as of the close of business on the Record Date[; provided, however, that for the first Payment Date, the Class A Monthly Interest shall equal $[●]]. On the Note Transfer Date preceding each Payment Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (i) the Class A Monthly Interest for such Payment Date over (ii) the aggregate amount of funds retained in the Collection Account and allocated and available to pay such Class A Monthly Interest on such Payment Date. If the Class A Interest Shortfall with respect to any Payment Date is greater than zero, on each subsequent Payment Date until such Class A Interest Shortfall is fully paid, an additional Back to Contents
Determination of Series. 1997-A Monthly Principal. (a) Payments of Series 1997-A Principal. The amount (the "Series 1997-A Monthly Principal Payment") distributable from the Series 1997-A Principal Collection Sub-subaccount on each Distribution Date during the Series 1997-A Amortization Period shall be equal to the amount on deposit in such account on the immediately preceding Settlement Report Date; provided, however, that the Series 1997-A Monthly Principal Payment on any Distribution Date shall not exceed the Series 1997-A Invested Amount on such Distribution Date after giving effect to the reductions and increases pursuant to paragraphs (b) and (c) below. Further, on any other Business Day during the Series 1997-A Amortization Period, funds may be distributed from the Series 1997-A Principal Collection Sub-subaccount to the Purchasers in accordance with Section 2.06 of this Supplement. Series 1997-A Supplement
Determination of Series. [•] Monthly Principal. The amount of monthly principal in the Collection Account made available with respect to the Series [•] Notes for any Payment Date (the “Series [•] Monthly Principal”), shall be equal to (a) during the Revolving Period, zero and (b) beginning with the Payment Date in the month following the month in which the Controlled Accumulation Period or, if earlier, the Early Amortization Period, begins, shall be equal to the least of (i) the Series [•] Available Principal Collections on deposit in the Collection Account with respect to such Payment Date, (ii) for each Payment Date with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Payment Date and (iii) (A) with respect to an Early Amortization Period, the Allocation Amount for such Payment Date (after taking into account any adjustments to be made on such Payment Date pursuant to Section 4.04, Section 4.07, and Section 4.08) and (B) with respect to the Controlled Accumulation Period, the Allocation Amount for such Payment Date (after taking into account any adjustments to be made on such Payment Date pursuant to Section 4.04, Section 4.07, and Section 4.08) divided by the remaining number of months in the Controlled Accumulation Period.
Determination of Series. 1997-1 Principal.
(a) Payments of Series 1997-1 Monthly Principal. The amount (the "Series 1997-1 Monthly Principal Payment") distributable from the Series 1997-1 Principal Collection Sub-subaccount on each Distribution Date during the Series 1997-1 Amortization Period shall be equal to the amount on deposit in such account on the immediately preceding Settlement Report Date; provided that the Series 1997-1 Monthly Principal Payment on any Distribution Date shall not exceed the Series 1997-1 Invested Amount on such Distribution Date after giving effect to the reductions and increases pursuant to paragraphs (b) and (c) below. Series 1997-1 Supplement 50
(b) Reductions to Series 1997-1 Principal. If, on any Special Allocation Settlement Report Date, the Series 1997-1 Allocable Charged-Off Amount is greater than zero for the related Settlement Period, the Trustee shall in accordance with the written directions of the Master Servicer (upon which the Trustee may conclusively rely, subject to its obligation to perform the procedures set forth in the Internal Operating Procedures Memorandum) make the following applications of such amounts in the following order of priority:
(i) the Series 1997-1 Required Subordinated Amount shall be reduced (but not below zero) by an amount equal to the Series 1997-1 Allocable Charged-Off Amount (which shall also be reduced by the amount so applied);
(ii) then, to the extent that the Series 1997-1 Allocable Charged-Off Amount is greater than zero following the application in clause (i) above, the Class C Invested Amount shall be reduced (but not below zero) by an amount equal to such remaining Series 1997-1 Allocable Charged-Off Amount (which shall also be reduced by the amount so applied);
(iii) then, to the extent that the Series 1997-1 Allocable Charged-Off Amount is greater than zero following the applications in clause (i) and (ii) above, the Class B Invested Amount shall be reduced (but not below zero) by an amount equal to such remaining Series 1997-1 Allocable Charged-Off Amount (which shall also be reduced by the amount so applied); and
(iv) then, to the extent that the Series 1997-1 Allocable Charged-Off Amount is greater than zero following the applications in clause (i), (ii) and (iii) above, the Class A Invested Amount shall be reduced (but not below zero) by an amount equal to such remaining Series 1997-1 Allocable Charged-Off Amount (which shall also be reduced by the amount so applied). Series 1997-1 Supplement 51...
Determination of Series. [•] Monthly Principal. The amount of monthly principal made available with respect to the Series [•] Notes for any Payment Date (the “Series [•] Monthly Principal”), shall be equal to (a) during the Revolving Period, zero and (b) beginning with the Payment Date in the month following the month in which the Controlled Accumulation Period or, if earlier, the Early Amortization Period, begins, shall be equal to the least of (i) the Series [•] Available Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f), currently on deposit in the Collection Account with respect to such Payment Date, (ii) for each Payment Date with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Payment Date and (iii) the Allocation Amount for such Payment Date (after taking into account any adjustments to be made on such Payment Date pursuant to Section 4.04, Section 4.07, and Section 4.08).
Determination of Series. 1996-1 Monthly Principal. (a) Payments of Series 1996-1 Principal. The amount (the "Series 1996-1 Monthly Principal Payment") distributable from the Series 1996-1 Principal Collection Sub-subaccount on each Distribution Date during the Amortization Period shall be equal to the amount on deposit in such account on such Distribution Date; provided, however, that the Series 1996-1 Monthly Principal Payment on any Distribution Date shall not exceed the Invested Amount on such Distribution Date. Further, on any other Business Day during the Amortization Period, funds may be distributed from the Series 1996-1 Principal Collection Sub-subaccount to the VFC Certificateholders in accordance with Section 2.6.
