Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables Pursuant to Section 9. 02 of the Agreement. (a) Not later than 12:00 noon, New York City time, on the Transfer Date following the date on which Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(b) of the Agreement, the Trustee shall (after giving effect to any deposits and distributions otherwise to be made on such Transfer Date) deduct from the Collection Account an amount equal to the Outstanding principal amount of all Notes on such Transfer Date from the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and pay such amount to the Series 2001-D Certificateholders; provided, however, that the amount of such payment shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (y) the Principal Investor Percentage with respect to the related Monthly Period. (b) Not later than 12:00 noon, New York City time, on the Transfer Date following the date on which Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(b) of the Agreement, the Trustee shall (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Transfer Date) deduct from the Collection Account an amount equal to the accrued, past due and additional interest on all Notes on such Transfer Date from the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and pay such amount to the Series 2001-D Certificateholders; provided, however, that the amount of such payment shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and (y) the Floating Investor Percentage with respect to such Monthly Period. (c) Notwithstanding anything to the contrary in this Series Supplement or the Agreement, the entire amount payable to the Series 2001-D Certificateholders pursuant to this Section, and all amounts on deposit in the Collection Account for distribution to the Series 2001-D Certificateholders shall be distributed in full to the Series 2001-D Certificateholders on the Transfer Date on which funds are deposited pursuant to this Section (or, if not so deposited on a Transfer Date, on the immediately following Transfer Date) and shall be deemed to be a final distribution pursuant to Section 12.01 of the Agreement. (d) Notwithstanding any provision of the Agreement or this Series Supplement, for purposes of subsection 9.02(a) of the Agreement, the Holders of the Series 2001-D Certificates shall be deemed to have irrevocably disapproved a liquidation of the Receivables following an Insolvency Event with respect to the Seller.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Series 2001 D Supplement (BA Credit Card Trust), Series 2001 D Supplement (BA Credit Card Trust)
Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables Pursuant to Section 9. 02 of the Agreement.
(a) Not later than 12:00 noon, New York City time, on the Transfer Distribution Date following the date on which Insolvency Proceeds are deposited into the Collection Account pursuant to subsection Section 9.02(b) of the Agreement, the Trustee shall (after giving effect to any deposits and distributions otherwise to be made on in respect of such Transfer Distribution Date) deduct from the Collection Account an amount equal to the Outstanding principal amount of all Notes Series 2000 Invested Amount on such Transfer Distribution Date from the portion of the Insolvency Proceeds allocated to Allocable Principal Collections of Principal Receivables and pay such amount to the Series 2001-D 2000 Certificateholders, provided that the amount of such payment shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Allocable Principal Collections and (y) the Principal Allocation Percentage with respect to the related Due Period. The remainder of the portion of the Insolvency Proceeds allocated to Allocable Principal Collections shall be allocated to the Sellers’ Interest and shall be released to the Sellers on such Distribution Date.
(b) Not later than 12:00 noon, New York City time, on such Distribution Date, the Trustee shall (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made in respect of such Distribution Date) deduct an amount equal to the sum of (i) all unpaid fees and expenses of the Indenture Trustee pursuant to Section 501(a) of the Indenture and all such unpaid fees and expenses from earlier Due Periods, and (ii) the aggregate Targeted Interest Deposit Amounts for all Outstanding tranches of Notes under Section 501(b) of the Indenture for the current Due Period or any such Targeted Interest Deposit Amount for earlier Due Periods that has not been deposited, and pay such amount to the Series 2000 Certificateholders; provided, however, that the amount of such payment shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Allocable Finance Charge Collections of Principal Receivables and (y) the Principal Investor Floating Allocation Percentage with respect to the related Monthly such Due Period.
(b) Not later than 12:00 noon, New York City time, on the Transfer Date following the date on which Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(b) of the Agreement, the Trustee shall (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Transfer Date) deduct from the Collection Account an amount equal to the accrued, past due and additional interest on all Notes on such Transfer Date from the portion . The remainder of the Insolvency Proceeds allocated to Collections of Allocable Finance Charge Receivables and pay such amount Collections shall be distributed to the Series 2001-D Certificateholders; provided, however, that the amount of Sellers on such payment shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and (y) the Floating Investor Percentage with respect to such Monthly PeriodDistribution Date.
(c) Notwithstanding anything to the contrary in this Series Supplement or the Agreement, the entire amount payable to the Series 2001-D 2000 Certificateholders pursuant to this Section, and all amounts on deposit in the Collection Account for distribution to the Series 2001-D 2000 Certificateholders shall be distributed in full to the Series 2001-D 2000 Certificateholders on the Transfer Distribution Date on which funds are deposited pursuant to this Section (or, if not so deposited on a Transfer Distribution Date, on the immediately following Transfer Distribution Date) and shall be deemed to be a final distribution pursuant to Section 12.01 12.02 of the Agreement.
(d) Notwithstanding any provision of the Agreement or this Series Supplement, for purposes of subsection Section 9.02(a) of the Agreement, the Holders of the Series 2001-D Certificates 2000 Certificate shall not be deemed to have irrevocably disapproved a liquidation of the Receivables following an Insolvency Event with respect to any of the SellerSellers unless holders of more than 50% of the aggregate unpaid principal amount of the Series 2000 Certificate shall have disapproved of such liquidation.
Appears in 1 contract
Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables Pursuant to Section 9. 02 01 of the Agreement.
(a) Not later than 12:00 noon, New York City time, on the Transfer Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(b9.01(b) of the Agreement, the Trustee shall (after giving effect to any deposits and distributions otherwise to be made on such Transfer Date) deduct from in accordance with the Collection Account an amount equal to the Outstanding principal amount of all Notes on such Transfer Date from the portion written direction of the Insolvency Proceeds allocated to Collections of Principal Receivables and pay such amount to the Series 2001-D Certificateholders; provided, however, that the amount of such payment shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (y) the Principal Investor Percentage with respect to the related Monthly Period.
(b) Not later than 12:00 noon, New York City time, on the Transfer Date following the date on which Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(b) of the Agreement, the Trustee shall Servicer (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Transfer Distribution Date) (i) deduct from the Collection Account an amount equal to the accrued, past due and additional interest on all Notes Class A Invested Amount on such Transfer Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2008-9 Allocable Principal Collections of Finance Charge Receivables and pay distribute such amount to the Series 2001-D Paying Agent for payment to the Class A Certificateholders; provided, however, provided that the amount of such payment distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 2008-9 Allocable Principal Collections and (y) the Principal Allocation Percentage with respect to the related Monthly Period, (ii) deduct an amount equal to the Class B Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2008-9 Allocable Principal Collections and distribute such amount to the Paying Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed (x) the product of (A) the portion of such Insolvency Proceeds allocated to Series 2008-9 Allocable Principal Collections and (B) the Principal Allocation Percentage with respect to the related Monthly Period minus (y) the amount distributed to the Paying Agent pursuant to clause (i) of this sentence and (iii) distribute the remaining amount of the Insolvency Proceeds to the Collateral Interest Holder.
(b) Not later than 12:00 noon, New York City time, on such Distribution Date, the Trustee shall in accordance with the written direction of the Servicer (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the sum of (w) Class A Monthly Interest for such Distribution Date, (x) any Class A Monthly Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date and (y) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and distribute such amount to the Paying Agent for payment to the Class A Certificateholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 2008-9 Allocable Finance Charge Collections, (y) the Floating Investor Allocation Percentage with respect to the related Monthly Period and (z) the Class A Floating Percentage with respect to such Monthly Period and (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such Distribution Date, (x) Class B Monthly Interest previously due but not distributed to the Class B Certificateholders on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but not distributed to the Class B Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2008-9 Allocable Finance Charge Collections and distribute such amount to the Paying Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 2008-9 Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2008-9 Allocable Finance Charge Collections and (B) the Floating Allocation Percentage with respect to the related Monthly Period exceeds the aggregate amount distributed to the Paying Agent pursuant to the preceding sentence, the excess shall be distributed to the Collateral Interest Holder.
(c) Notwithstanding anything to the contrary in this Series Supplement or the Agreement, all amounts distributed to the entire amount payable Paying Agent pursuant to this Section for payment to the Series 20012008-D Certificateholders pursuant to this Section, and all amounts on deposit in the Collection Account for distribution to the Series 2001-D 9 Certificateholders shall be distributed in full to the Series 20012008-D 9 Certificateholders on the Transfer Date date on which funds are deposited distributed to the Paying Agent pursuant to this Section (or, if not so deposited on a Transfer Date, on the immediately following Transfer Date) and shall be deemed to be a final distribution pursuant to Section 12.01 12.02 of the Agreement.
(d) Notwithstanding any provision of the Agreement or this Series Supplement, for purposes of subsection 9.02(a) of the Agreement, the Holders of the Series 2001-D Certificates shall be deemed to have irrevocably disapproved a liquidation of the Receivables following an Insolvency Event with respect to the Seller.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables Pursuant to Section 9. 02 of the Agreement.
(a) Not later than 12:00 noon, New York City time, on the Transfer Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(b) of the Agreement, the Trustee shall (after giving effect to any deposits and distributions otherwise to be made on such Transfer Date) deduct from the Collection Account an amount equal to the Outstanding principal amount of all Notes on such Transfer Date from the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and pay such amount to the Series 2001-D Certificateholders; provided, however, that the amount of such payment shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (y) the Principal Investor Percentage with respect to the related Monthly Period.
(b) Not later than 12:00 noon, New York City time, on the Transfer Date following the date on which Insolvency Proceeds are deposited into the Collection Account pursuant to subsection Section 9.02(b) of the Agreement, the Trustee shall (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Transfer Distribution Date) (i) deduct from the Collection Account an amount equal to the accrued, past due and additional interest on all Notes Class A Invested Amount on such Transfer Distribution Date from the portion of the Insolvency Proceeds allocated to Allocable Principal Collections of Finance Charge Receivables and pay deposit such amount to in the Series 2001-D Certificateholders; providedClass A Principal Funding Account, however, provided that the amount of such payment deposit shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Allocable Principal Collections of Finance Charge Receivables and (y) the Floating Investor Principal Allocation Percentage with respect to the related Due Period, (ii) deduct an amount equal to the Class B Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Allocable Principal Collections and retain such amount in the Collection Account for distribution to the Class B Certificateholders, provided that such amount shall not exceed (x) the product of the portion of the Insolvency Proceeds allocated to Allocable Principal Collections and the Principal Allocation Percentage with respect to such Due Period, minus (y) the amount deposited into the Class A Principal Funding Account pursuant to clause (a)(i) of this sentence, and (iii) deduct an amount equal to the CCA Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Allocable Principal Collections and distribute, pro rata, such amount to the Cash Collateral Depositor and each Additional Cash Collateral Depositor for application in accordance with the Loan Agreement and each Additional Loan Agreement, respectively, provided that the amount of such distribution shall not exceed (x) the product of the portion of the Insolvency Proceeds allocated to Allocable Principal Collections and the Principal Allocation Percentage with respect to such Due Period minus (y) the amount deposited in the Class A Principal Funding Account pursuant to clause (a)(i) of this sentence and the amount retained in the Collection Account pursuant to clause (a)(ii) of this sentence. The remainder of the portion of the Insolvency Proceeds allocated to Allocable Principal Collections shall be allocated to the Sellers' Interest and shall be released to the Sellers on such Distribution Date.
(b) Not later than 12:00 noon, New York City time, on such Distribution Date, the Trustee shall (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the sum of (w) Class A Monthly PeriodInterest for such Distribution Date, (x) any Class A Monthly Interest previously due but not deposited into Class A Interest Funding Account on a prior Distribution Date, (y) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not deposited into the Class A Interest Funding Account on a prior Distribution Date, and (z) the amount of the Class A Funding Account Shortfall for such Distribution Date and any Class A Funding Account Shortfall previously due but not deposited into the Class A Interest Funding Account on a prior Distribution Date, from the portion of the Insolvency Proceeds allocated to Allocable Finance Charge Collections and deposit such amount in the Class A Interest Funding Account, provided that the amount of such deposit shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to such Due Period and (z) a fraction, the numerator of which is the Class A Invested Amount with respect to such Distribution Date and the denominator of which is the Invested Amount with respect to such Distribution Date and (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such Distribution Date, (x) any Class B Monthly Interest previously due but not deposited into the Class B Interest Funding Account on a prior Distribution Date, (y) the Cumulative Excess Interest Amount with respect to such Distribution Date, and (z) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but not deposited into the Class B Interest Funding Account on a prior Distribution Date, from the portion of the Insolvency Proceeds allocated to Allocable Finance Charge Collections and deposit such amount into the Class B Interest Funding Account, provided that the amount of such deposit shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to such Due Period and (z) a fraction, the numerator of which is the Class B Invested Amount with respect to such Distribution Date and the denominator of which is the Invested Amount with respect to such Distribution Date. The remainder of the Insolvency Proceeds allocated to Allocable Finance Charge Collections shall be distributed, pro rata, to the Cash Collateral Depositor and each Additional Cash Collateral Depositor for application in accordance with the provisions of the Loan Agreement and each Additional Loan Agreement, respectively.
(c) Notwithstanding anything to the contrary in this Series Supplement or the Agreement, the entire amount payable to deposited in the Series 2001-D Certificateholders pursuant to this Section, Class A Principal Funding Account and all amounts on deposit the Interest Funding Accounts and the amount retained in the Collection Account for distribution to the Class B Certificateholders pursuant to this Section and all other amounts on deposit therein for distribution to the Series 20011999-D 7 Certificateholders shall be distributed in full to the Series 20011999-D 7 Certificateholders on the Transfer Distribution Date on which funds are deposited pursuant to this Section (or, if not so deposited on a Transfer Distribution Date, on the immediately following Transfer Distribution Date) and shall be deemed to be a final distribution pursuant to Section 12.01 12.02 of the Agreement.
(d) Notwithstanding any provision of the Agreement or this Series Supplement, for purposes of subsection Section 9.02(a) of the Agreement, the Holders of the Series 20011999-D 7 Certificates shall not be deemed to have irrevocably disapproved a liquidation of the Receivables following an Insolvency Event with respect to any of the Seller.Sellers unless (i) holders of more than 50% of the aggregate unpaid principal amount of each of the Class A Certificates and the Class B Certificates and (ii) the Cash Collateral Depositor and each Additional Cash Collateral Depositor shall have disapproved of such liquidation (or, if the Cash Collateral Depositor and any Additional Cash Collateral Depositor shall have assigned all or part of their respective interests under the Loan Agreement and such Additional Loan Agreements, respectively, to one or more Persons, then one or more Persons holding more than 50% of such interest shall have disapproved of such liquidation). 57
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citibank South Dakota N A)
Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables Pursuant to Section 9. 02 of the Agreement.
(a) Not later than 12:00 noon, New York City time, on the Transfer Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(b) of the Agreement, the Trustee shall (after giving effect to any deposits and distributions otherwise to be made on such Transfer Date) deduct from the Collection Account an amount equal to the Outstanding principal amount of all Notes on such Transfer Date from the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and pay such amount to the Series 2001-D Certificateholders; provided, however, that the amount of such payment shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (y) the Principal Investor Percentage with respect to the related Monthly Period.
(b) Not later than 12:00 noon, New York City time, on the Transfer Date following the date on which Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(bSection 9.02(c) of the Agreement, the Trustee shall (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Transfer Distribution Date) deduct from the Collection Account an amount equal to the accrued, past due and additional interest on aggregate Outstanding Dollar Principal Amount of all Outstanding Notes on such Transfer Distribution Date from the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and distribute such amount to the Paying Agent for payment to the Series 2005-CC Certificateholders, provided that the amount of such distribution shall not exceed the product of (A) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (B) the Principal Allocation Percentage with respect to the related Monthly Period.
(b) Not later than 12:00 noon, New York City time, on such Distribution Date, the Trustee shall (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) deduct an amount equal to the Monthly Interest Target for such Distribution Date from the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and pay distribute such amount to the Paying Agent for payment to the Series 20012005-D CC Certificateholders; provided, however, provided that the amount of such payment distribution shall not exceed the product of (xA) the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and (yB) the Floating Investor Allocation Percentage with respect to such the related Monthly Period.
(c) Notwithstanding anything to the contrary in this Series Supplement or the Agreement, all amounts distributed to the entire amount payable Paying Agent pursuant to this Section for payment to the Series 20012005-D Certificateholders pursuant to this Section, and all amounts on deposit in the Collection Account for distribution to the Series 2001-D CC Certificateholders shall be distributed in full to the Series 20012005-D CC Certificateholders on the Transfer Date date on which funds are deposited distributed to the Paying Agent pursuant to this Section (or, if not so deposited on a Transfer Date, on the immediately following Transfer Date) and shall be deemed to be a final distribution pursuant to Section 12.01 12.02 of the Agreement.
(d) Notwithstanding any provision of the Agreement or this Series Supplement, for purposes of subsection Section 9.02(a) of the Agreement, the Holders of the Series 20012005-D Certificates CC Certificate shall be deemed to have irrevocably disapproved a liquidation of the Receivables following an Insolvency Event with respect to the SellerEvent.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (National City Bank /)
Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables Pursuant to Section 9. 02 of the Agreement.
(a) Not later than 12:00 noon, New York City time, on the Transfer Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection Section 9.02(b) of the Agreement, the Trustee shall first (after giving effect to any deposits and distributions otherwise to be made on such Transfer Date) deduct from the Collection Account an amount equal to the Outstanding principal amount of all Notes on such Transfer Date from the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and pay such amount to the Series 2001-D Certificateholders; provided, however, that the amount of such payment shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (y) the Principal Investor Percentage with respect to the related Monthly Period.
(b) Not later than 12:00 noon, New York City time, on the Transfer Date following the date on which Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(b) of the Agreement, the Trustee shall (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Transfer Distribution Date) deduct from the Collection Account an amount equal to the accrued, past due and additional interest on all Notes Invested Amount on such Transfer Distribution Date from the portion of the Insolvency Proceeds allocated to Allocable Principal Collections of Finance Charge Receivables and pay deposit such amount to in the Series 2001-D CertificateholdersPrincipal Funding Account; provided, however, provided that the amount of such payment deposit shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Allocable Principal Collections of Finance Charge Receivables and (y) 100% minus the Floating Investor Excess Seller's Percentage with respect to the related Collection Period. The remainder of the portion of the Insolvency Proceeds allocated to Allocable Principal Collections shall be allocated to the Seller's Interest and shall be released to the Seller on such Distribution Date.
(b) Not later than 12:00 noon, New York City time, on such Distribution Date, the Trustee shall first (in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) deduct an amount equal to the sum of (i) Monthly PeriodInterest for such Distribution Date, (ii) any Monthly Interest previously due but not distributed on a prior Distribution Date, (iii) the amount of Additional Interest, if any, for such Distribution Date and any Additional Interest previously due but not distributed on a prior Distribution Date, (iv) any Carry-over Amount for such Distribution Date and any Carry-over Amount previously due but not distributed to the Series 1996-1 Certificateholders on a prior Distribution Date and (v) the amount of any Additional Carry-over Amount for such Distribution Date and any Additional Carry-over Amount previously due but not distributed to the Series 1996-1 Certificateholders on a prior Distribution Date, from the portion of the Insolvency Proceeds allocated to Allocable Non-Principal Collections and deposit such amount in the Collection Account with such funds designated by the Trustee as being held for the benefit of the Series 1996-1 Certificateholders; provided that the amount of such distribution shall not exceed (x) the product of (A) the portion of the Insolvency Proceeds allocated to Allocable Non-Principal Collections and (B) 100% minus the Excess Seller's Percentage. The remainder of the portion of the Insolvency Proceeds allocated to Allocable Non-Principal Collections shall be allocated to the Seller's Interest and shall be released to the Seller on such Distribution Date.
(c) Notwithstanding anything to the contrary in this Series Supplement or in the Agreement, the entire amount payable to deposited in the Series 2001-D Certificateholders Principal Funding Account and the Collection Account pursuant to this Section, Section and all other amounts on deposit in the Collection Account for distribution to the Series 2001-D Certificateholders therein shall be distributed in full to the Series 20011996-D 1 Certificateholders on the Transfer Distribution Date on which funds are deposited pursuant to this Section (or, if not so deposited on a Transfer Distribution Date, on the immediately following Transfer Distribution Date) and any distribution made pursuant to this Section shall be deemed to be a final distribution pursuant to Section 12.01 of the Agreement.
(d) Notwithstanding any provision 12.02 of the Agreement or this Series Supplement, for purposes of subsection 9.02(a) of the Agreement, the Holders of the Series 2001-D Certificates shall be deemed to have irrevocably disapproved a liquidation of the Receivables following an Insolvency Event with respect to the SellerSeries 1996-1.
Appears in 1 contract
Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables Pursuant to Section 9. 02 01 of the Agreement.
(a) Not later than 12:00 noon, New York City time, on the Transfer Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(b9.01(b) of the Agreement, the Trustee shall (after giving effect to any deposits and distributions otherwise to be made on such Transfer Date) deduct from in accordance with the Collection Account an amount equal to the Outstanding principal amount of all Notes on such Transfer Date from the portion written direction of the Insolvency Proceeds allocated to Collections of Principal Receivables and pay such amount to the Series 2001-D Certificateholders; provided, however, that the amount of such payment shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (y) the Principal Investor Percentage with respect to the related Monthly Period.
(b) Not later than 12:00 noon, New York City time, on the Transfer Date following the date on which Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(b) of the Agreement, the Trustee shall Servicer (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Transfer Distribution Date) (i) deduct from the Collection Account an amount equal to the accrued, past due and additional interest on all Notes Class A Invested Amount on such Transfer Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2008-8 Allocable Principal Collections of Finance Charge Receivables and pay distribute such amount to the Series 2001-D Paying Agent for payment to the Class A Certificateholders; provided, however, provided that the amount of such payment distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 2008-8 Allocable Principal Collections and (y) the Principal Allocation Percentage with respect to the related Monthly Period, (ii) deduct an amount equal to the Class B Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2008-8 Allocable Principal Collections and distribute such amount to the Paying Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed (x) the product of (A) the portion of such Insolvency Proceeds allocated to Series 2008-8 Allocable Principal Collections and (B) the Principal Allocation Percentage with respect to the related Monthly Period minus (y) the amount distributed to the Paying Agent pursuant to clause (i) of this sentence and (iii) distribute the remaining amount of the Insolvency Proceeds to the Collateral Interest Holder.
(b) Not later than 12:00 noon, New York City time, on such Distribution Date, the Trustee shall in accordance with the written direction of the Servicer (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the sum of (w) Class A Monthly Interest for such Distribution Date, (x) any Class A Monthly Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date and (y) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and distribute such amount to the Paying Agent for payment to the Class A Certificateholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 2008-8 Allocable Finance Charge Collections, (y) the Floating Investor Allocation Percentage with respect to the related Monthly Period and (z) the Class A Floating Percentage with respect to such Monthly Period and (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such Distribution Date, (x) Class B Monthly Interest previously due but not distributed to the Class B Certificateholders on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Additional Interest previously due but not distributed to the Class B Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2008-8 Allocable Finance Charge Collections and distribute such amount to the Paying Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 2008-8 Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2008-8 Allocable Finance Charge Collections and (B) the Floating Allocation Percentage with respect to the related Monthly Period exceeds the aggregate amount distributed to the Paying Agent pursuant to the preceding sentence, the excess shall be distributed to the Collateral Interest Holder.
(c) Notwithstanding anything to the contrary in this Series Supplement or the Agreement, all amounts distributed to the entire amount payable Paying Agent pursuant to this Section for payment to the Series 20012008-D Certificateholders pursuant to this Section, and all amounts on deposit in the Collection Account for distribution to the Series 2001-D 8 Certificateholders shall be distributed in full to the Series 20012008-D 8 Certificateholders on the Transfer Date date on which funds are deposited distributed to the Paying Agent pursuant to this Section (or, if not so deposited on a Transfer Date, on the immediately following Transfer Date) and shall be deemed to be a final distribution pursuant to Section 12.01 12.02 of the Agreement.
(d) Notwithstanding any provision of the Agreement or this Series Supplement, for purposes of subsection 9.02(a) of the Agreement, the Holders of the Series 2001-D Certificates shall be deemed to have irrevocably disapproved a liquidation of the Receivables following an Insolvency Event with respect to the Seller.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables Pursuant to Section 9. 02 of the Agreement.
(a) Not later than 12:00 noon, New York City time, on the Transfer Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection Section 9.02(b) of the Agreement, the Trustee shall first (after giving effect to any deposits and distributions otherwise to be made on such Transfer Date) deduct from the Collection Account an amount equal to the Outstanding principal amount of all Notes on such Transfer Date from the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and pay such amount to the Series 2001-D Certificateholders; provided, however, that the amount of such payment shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (y) the Principal Investor Percentage with respect to the related Monthly Period.
(b) Not later than 12:00 noon, New York City time, on the Transfer Date following the date on which Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(b) of the Agreement, the Trustee shall (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Transfer Distribution Date) deduct from the Collection Account an amount equal to the accrued, past due and additional interest on all Notes Invested Amount on such Transfer Distribution Date from the portion of the Insolvency Proceeds allocated to Allocable Principal Collections of Finance Charge Receivables and pay deposit such amount to in the Series 2001-D CertificateholdersPrincipal Funding Account; provided, however, provided that the amount of such payment deposit shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Allocable Principal Collections of Finance Charge Receivables and (y) 100% minus the Floating Investor Excess Seller's Percentage with respect to the related Collection Period. The remainder of the portion of the Insolvency Proceeds allocated to Allocable Principal Collections shall be allocated to the Seller's Interest and shall be released to the Seller on such Distribution Date.
(b) Not later than 12:00 noon, New York City time, on such Distribution Date, the Trustee shall first (in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) deduct an amount equal to the sum of (i) Monthly PeriodInterest for such Distribution Date, (ii) any Monthly Interest previously due but not distributed on a prior Distribution Date, (iii) the amount of Additional Interest, if any, for such Distribution Date and any Additional Interest previously due but not distributed on a prior Distribution Date, (iv) any Carry-over Amount for such Distribution Date and any Carry-over Amount previously due but not distributed to the Series 1996-2 Certificateholders on a prior Distribution Date and (v) the amount of any Additional Carry-over Amount for such Distribution Date and any Additional Carry-over Amount previously due but not distributed to the Series 1996-2 Certificateholders on a prior Distribution Date, from the portion of the Insolvency Proceeds allocated to Allocable Non-Principal Collections and deposit such amount in the Collection Account with such funds designated by the Trustee as being held for the benefit of the Series 1996-2 Certificateholders; provided that the amount of such distribution shall not exceed (x) the product of (A) the portion of the Insolvency Proceeds allocated to Allocable Non-Principal Collections and (B) 100% minus the Excess Seller's Percentage. The remainder of the portion of the Insolvency Proceeds allocated to Allocable Non-Principal Collections shall be allocated to the Seller's Interest and shall be released to the Seller on such Distribution Date.
(c) Notwithstanding anything to the contrary in this Series Supplement or in the Agreement, the entire amount payable to deposited in the Series 2001-D Certificateholders Principal Funding Account and the Collection Account pursuant to this Section, Section and all other amounts on deposit in the Collection Account for distribution to the Series 2001-D Certificateholders therein shall be distributed in full to the Series 20011996-D 2 Certificateholders on the Transfer Distribution Date on which funds are deposited pursuant to this Section (or, if not so deposited on a Transfer Distribution Date, on the immediately following Transfer Distribution Date) and any distribution made pursuant to this Section shall be deemed to be a final distribution pursuant to Section 12.01 of the Agreement.
(d) Notwithstanding any provision 12.02 of the Agreement or this Series Supplement, for purposes of subsection 9.02(a) of the Agreement, the Holders of the Series 2001-D Certificates shall be deemed to have irrevocably disapproved a liquidation of the Receivables following an Insolvency Event with respect to the SellerSeries 1996-2.
Appears in 1 contract
Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables Pursuant to Section 9. 02 of the Agreement.
(a) Not later than 12:00 noon, New York City Richmond time, on the Transfer Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(b) of the Agreement, the Trustee shall (after giving effect to any deposits and distributions otherwise to be made on such Transfer Date) deduct from the Collection Account an amount equal to the Outstanding principal amount of all Notes on such Transfer Date from the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and pay such amount to the Series 2001-D Certificateholders; provided, however, that the amount of such payment shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (y) the Principal Investor Percentage with respect to the related Monthly Period.
(b) Not later than 12:00 noon, New York City time, on the Transfer Date following the date on which Insolvency Proceeds are deposited into the Collection Account pursuant to subsection Section 9.02(b) of the Agreement, the Trustee shall (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Transfer Distribution Date) (i) deduct from the Collection Account an amount equal to the accrued, past due and additional interest on all Notes Class A Invested Amount on such Transfer Distribution Date from the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and distribute such amount to the Paying Agent for payment to the Class A Certificateholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (y) the Principal Allocation Percentage with respect to the related Monthly Period and (ii) deduct an amount equal to the Class B Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and distribute such amount to the Paying Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed (x) the product of (A) the portion of such Insolvency Proceeds allocated to Collections of Principal Receivables and (B) the Principal Allocation Percentage with respect to the related Monthly Period minus (y) the amount distributed to the Paying Agent pursuant to clause (i) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (B) the Principal Allocation Percentage with respect to the related Monthly Period exceeds the aggregate amounts distributed to the Paying Agent pursuant to the preceding sentence, the excess shall be distributed to the Paying Agent for payment to the Collateral Interest Holder on such Distribution Date.
(b) Not later than 12:00 noon, Richmond time, on such Distribution Date, the Trustee shall (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the sum of (w) Class A Monthly Interest for such Distribution Date, (x) any Class A Outstanding Monthly Interest and (y) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A Outstanding Additional Interest, from the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and pay distribute such amount to the Series 2001-D Paying Agent for payment to the Class A Certificateholders; provided, however, provided that the amount of such payment distribution shall not exceed the product of (A) the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables, (B) the Floating Allocation Percentage with respect to the related Monthly Period and (C) the Class A Floating Percentage with respect to such Monthly Period and (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such Distribution Date, (x) Class B Outstanding Monthly Interest and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B Outstanding Additional Interest, from the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and distribute such amount to the Paying Agent for payment to the Class B Certificateholders, provided that the amount of such distribution shall not exceed the product of (A) the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables, (B) the Floating Allocation Percentage with respect to the related Monthly Period and (C) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (x) the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and (y) the Floating Investor Allocation Percentage with respect to the related Monthly Period exceeds the aggregate amount distributed to the Paying Agent pursuant to the preceding sentence, the excess shall be distributed to the Paying Agent for payment to the Collateral Interest Holder on such Monthly PeriodDistribution Date.
(c) Notwithstanding anything to the contrary in this Series Supplement or the Agreement, all amounts distributed to the entire amount payable Paying Agent pursuant to this Section for payment to the Series 2001-D Certificateholders pursuant to this Section, and all amounts on deposit in the Collection Account for distribution to the Series 2001-D Certificateholders 6 Holders shall be distributed in full to the Series 2001-D Certificateholders 6 Holders on the Transfer Date date on which funds are deposited distributed to the applicable Paying Agents pursuant to this Section (or, if not so deposited on a Transfer Date, on the immediately following Transfer Date) and shall be deemed to be a final distribution pursuant to Section 12.01 12.02 of the Agreement.
(d) Notwithstanding any provision of the Agreement or this Series Supplement, for purposes of subsection Section 9.02(a) of the Agreement, the Holders of the Series 2001-D 6 Certificates shall not be deemed to have irrevocably disapproved a liquidation of the Receivables following an Insolvency Event with respect to the SellerSeller unless (i) holders of more than 50% of the aggregate unpaid principal amount of each of the Class A Certificates and the Class B Certificates and (ii) beneficial owners of more than 50% of the Collateral Interest shall have disapproved of such liquidation.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables Pursuant to Section 9. 02 of the Agreement.
(a) Not later than 12:00 noon, New York City time, on the Transfer Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection Section 9.02(b) of the Agreement, the Trustee shall first (after giving effect to any deposits and distributions otherwise to be made on such Transfer Date) deduct from the Collection Account an amount equal to the Outstanding principal amount of all Notes on such Transfer Date from the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and pay such amount to the Series 2001-D Certificateholders; provided, however, that the amount of such payment shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (y) the Principal Investor Percentage with respect to the related Monthly Period.
(b) Not later than 12:00 noon, New York City time, on the Transfer Date following the date on which Insolvency Proceeds are deposited into the Collection Account pursuant to subsection 9.02(b) of the Agreement, the Trustee shall (in the following priority and, in each case, after giving effect to any deposits and distributions otherwise to be made on such Transfer Distribution Date) deduct from the Collection Account an amount equal to the accrued, past due and additional interest on all Notes Invested Amount on such Transfer Distribution Date from the portion of the Insolvency Proceeds allocated to the Series 1996-2 Allocation Percentage of Principal Collections of Finance Charge Receivables and pay deposit such amount to in the Series 2001-D Certificateholders; providedPrincipal Funding Account, however, provided that the amount of such payment deposit shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to the Series 1996-2 Allocation Percentage of Principal Collections of Finance Charge Receivables and (y) 100% minus the Floating Investor Excess Seller's Percentage with respect to the related Collection Period. The remainder of the portion of the Insolvency Proceeds allocated to the Series 1996-2 Allocation Percentage of Principal Collections shall be allocated to the Seller's Interest and shall be released to the Seller on such Distribution Date.
(b) Not later than 12:00 noon, New York City time, on such Distribution Date, the Trustee shall first (in each case, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date) deduct an amount equal to the sum of (i) Monthly PeriodInterest for such Distribution Date, (ii) any Monthly Interest previously due but not deposited into the Interest Funding Account on any prior Distribution Date, (iii) the amount of Additional Interest, if any, for such Distribution Date and any Additional Interest previously due but not deposited into the Interest Funding Account on a prior Distribution Date, from the portion of the Insolvency Proceeds allocated to the Series 1996-2 Allocation Percentage of Non-Principal Collections and deposit such amount in the Interest Funding Account, provided that the amount of such distribution shall not exceed (x) the product of (A) the portion of the Insolvency Proceeds allocated to the Series 1996-2 Allocation Percentage of Non-Principal Collections and (B) 100% minus the Excess Seller's Percentage. The remainder of the portion of the Insolvency Proceeds allocated to Non-Principal Collections shall be allocated to the Seller's Interest and shall be released to the Seller on such Distribution Date.
(c) Notwithstanding anything to the contrary in this Series Supplement or the Agreement, the entire amount payable to deposited in the Series 2001-D Certificateholders Principal Funding Account and the Interest Funding Account pursuant to this Section, Section and all other amounts on deposit in the Collection Account for distribution to the Series 2001-D Certificateholders therein shall be distributed in full to the Series 20011996-D 2 Certificateholders on the Transfer Distribution Date on which funds are deposited pursuant to this Section (or, if not so deposited on a Transfer Distribution Date, on the immediately following Transfer Distribution Date) and any distribution made pursuant to this Section shall be deemed to be a final distribution pursuant to Section 12.01 of the Agreement.
(d) Notwithstanding any provision 12.02 of the Agreement or this Series Supplement, for purposes of subsection 9.02(a) of the Agreement, the Holders of the Series 2001-D Certificates shall be deemed to have irrevocably disapproved a liquidation of the Receivables following an Insolvency Event with respect to the SellerSeries 1996-2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ford Credit Auto Loan Master Trust)