Appears in 2 contracts

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.1 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.1(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal 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 Series 1997-1 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 1997-1 Allocable Principal 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 Series 1997-1 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 1997-1 Certificateholders shall be distributed in full to the Series 1997-1 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.2 of the Agreement.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Partners First Receivables Funding Corp), Pooling and Servicing Agreement (Credit Card Receivables Funding Corp)

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, Richmond time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to Section ~~9.02(b~~8.02(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 Distribution Date) (i) deduct an amount equal to the Class A 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 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~~ 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 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 and (iii) deduct an amount equal to the Class C Invested Amount, if any, 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 C Interest Holders, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (2) the Principal Allocation Percentage with respect to such Monthly Period minus ----- (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) 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~~ allocated to the ~~Paying Agent for payment~~ Seller's Interest and shall be released to the ~~Collateral Interest Holder~~ Seller 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 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 (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~~ Period, (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 and (iii) deduct an amount equal to the sum of (w) Class C Monthly Interest for such Distribution Date, (x) Class C Outstanding Monthly Interest and (y) the amount of Class C Additional Interest, if any, for such Distribution Date and any Class C 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 C Interest Holders, 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 C 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 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 allocated to the Sellers' Interest and shall be released to the Seller on such Distribution Date. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 1998-1 Holders shall be distributed in full to the Series 1998-1 Holders on the date on which funds are distributed to the applicable Paying Agents pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement. (d) Notwithstanding any provision of the Agreement or this Supplement, for purposes of Section 9.02(a) of the Agreement, the Holders of the Series 1998-1 Certificates shall not be deemed to have disapproved a liquidation of the Receivables following an Insolvency Event with respect to the Seller 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 Class C Interests shall have disapproved of such ~~Distribution Date~~liquidation.

Appears in 2 contracts

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

Distribution of Proceeds of Sale. Disposition or ------------------------------------------------ Liquidation of the Receivables ~~pursuant~~ Pursuant to Section 9.02 of the Agreement. ------------------------------------------------------------------------ (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the ~~Insolvency~~ Trust Liquidation Proceeds are deposited into the Collection Account pursuant to Section 9.02(b) of the Agreement, the Trustee at the written direction of the Servicer shall first (~~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 ~~Class A~~ Invested Amount on such Distribution Date from the portion of the ~~Insolvency~~ Trust Liquidation Proceeds allocated to ~~Collections of Principal Receivables~~ the Series 1997-1 Certificates and distribute such amount first to Holders of Class A Certificates until the principal balance is reduced to zero and the remainder to Holders of Class B Certificates up to the ~~Paying Agent for payment to the Class A Certificateholders,~~ principal balance thereof; provided that the amount of such distribution shall not exceed the -------- product of Trust Liquidation Proceeds allocated to Principal Receivables and the Principal Allocation Percentage (x) calculated without taking into account the Pre- Allocated Invested Amount). The remainder of the portion of the ~~Insolvency~~ Trust Liquidation Proceeds allocated to ~~Collections of~~ the Principal Receivables ~~and (y~~shall be allocated as provided in Section 9.02(b) ~~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 DateAgreement. (b) Not later than 12:00 noon, ~~Richmond~~ New York City time, on such Distribution Date, the Trustee shall first (~~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 (wi) ~~Class A~~ Monthly Interest for such Distribution Date, (xii) any ~~Class A Outstanding~~ Monthly Interest ~~and~~ previously due but not distributed on the Certificates on any prior Distribution Date, (yiii) the amount of ~~Class A~~ Additional Interest, if any, for such Distribution Date and any Additional Interest previously due but not distributed on the Certificates on a prior Distribution Date, and (iv) any Class A ~~Outstanding Additional Interest~~Carry-Over Amount and any Class B Carry-Over Amount for such Distribution Date and any Class A Carry-Over Amount and any Class B Carry-Over Amount previously due but not distributed to the Certificateholders on a prior Distribution Date, from the portion of the ~~Insolvency~~ Trust Liquidation Proceeds allocated to ~~Collections of Finance Charge Receivables~~ Series 1997-1 and distribute such amount first to Class A Certificates to the ~~Paying Agent for payment~~ extent of such due and unpaid amounts and then to Class B Certificates to the ~~Class A Certificateholders,~~ extent of such due and unpaid amounts provided that the amount of such -------- distribution shall not exceed the product of Trust Liquidation Proceeds allocated to Non-Principal Receivables and the Principal Allocation Percentage (A) calculated without taking into account the Pre-Allocated Invested Amount). The remainder of the portion of the ~~Insolvency~~ Trust Liquidation Proceeds allocated to ~~Collections~~ Non- Principal Receivables shall be allocated as provided in Section 9.02(b) of ~~Finance Charge Receivables~~the Agreement. (c) Notwithstanding anything to the contrary in this Series Supplement or the Agreement, ~~(B)~~ any distribution made pursuant to this Section 8.02 shall be deemed to be a final distribution pursuant to Section 12.02 of the ~~Floating Allocation Percentage~~ Agreement 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 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 Distribution DateCertificates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp), Pooling and Servicing Agreement (Bombardier Receivables Master Trust I)

Appears in 2 contracts

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2000-3 Allocable Principal 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 Series 2000-3 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 2000-3 Allocable Principal 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 Series 2000-3 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2000-3 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 2000-3 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2000-3 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2000-3 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 2000-3 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2000-3 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2000-3 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 Paying Agent for payment~~ released to the Collateral Interest Holder ~~on such Distribution Date~~for application by the Collateral Interest Holder in accordance with the Loan Agreement.

Appears in 2 contracts

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, Richmond time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to 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 Distribution Date) (i) deduct an amount equal to the Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2000-4 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 2000-4 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2000-4 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2000-4 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 2000-4 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2000-4 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2000-4 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 2000-4 Certificateholders shall be distributed in full to the Series 2000-4 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 2 contracts

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

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, Richmond time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to Section ~~9.02(b~~8.02(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 Distribution Date) (i) deduct an amount equal to the Class A 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 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~~ 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 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, 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 Collateral Interest Holder, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (2) the Principal Allocation Percentage with respect to such Monthly Period minus ----- (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) 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 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 (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~~ Period, (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 and (iii) deduct an amount equal to the sum of (w) Collateral Minimum Monthly Interest for such Distribution Date, (x) Collateral Outstanding Monthly Interest and (y) the amount of Collateral Additional Interest, if any, for such Distribution Date and any Collateral 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 Collateral Interest Holder, 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 Collateral 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 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 Distribution Date. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the Series 1999-1 Holders shall be distributed in full to the Series 1999-1 Holders on the date on which funds are distributed to the applicable Paying Agents pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement. (d) Notwithstanding any provision of the Agreement or this Supplement, for purposes of Section 9.02(a) of the Agreement, the Holders of the Series 1999-1 Certificates shall not be deemed to have disapproved a liquidation of the Receivables following an Insolvency Event with respect to the Seller 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 Supplement (Capital One Master Trust)

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, the Trustee shall in accordance with the written direction of the Servicer (in the following priority and, in each case, after giving effect to EXHIBIT 3 TO FORM 8-A any deposits and distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal 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 Series 1997-1 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 1997-1 Allocable Principal 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 Series 1997-1 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ Monthly Interest previously due but not distributed to the Class A Certificateholders or deposited in the Interest Funding Account on a prior Distribution Date and (y) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A ~~Outstanding~~ Additional ~~Interest,~~ Interest previously due but not distributed to the Class A Certificateholders or deposited in the Interest Funding Account 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the EXHIBIT 3 TO FORM 8-A 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 previously due but not distributed to the Class B Certificateholders or deposited in the Interest Funding Account on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B ~~Outstanding~~ Additional ~~Interest,~~ Interest previously due but not distributed to the Class B Certificateholders or deposited in the Interest Funding Account on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 Paying Agent for payment~~ released to the Collateral Interest Holder ~~on such Distribution Date~~for application by the Collateral Interest Holder in accordance with the Loan Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (At&t Universal Funding Corp)

Distribution of Proceeds of Sale. Disposition or ------------------------------------------------ Liquidation of the Receivables ~~pursuant~~ Pursuant to Section 9.02 of the Agreement. ~~------------------------------------------------------------------------~~ (a) ------------------------------------------------------------------------ Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to 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 Distribution Date) (i) deduct an amount equal to the Class A 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 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~~ 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 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~~ the Insolvency Proceeds allocated to Collections of Principal Receivables and ~~(B)~~ the Principal Allocation Percentage with respect to ~~the related~~ such Monthly Period minus (y) the amount distributed to the ----- Paying Agent pursuant to clause (a)(i) of this sentence, (iii) deduct an amount equal to the Collateral 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 Collateral Interest Holder for application in accordance with the Transfer and Administration Agreement, provided that the amount of such distribution shall not exceed (x) the product -------- of the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amount distributed to the Paying Agent pursuant to ~~clause~~ clauses ----- (ia)(i) and (a)(ii) of this sentence and (iv) deduct an amount equal to the Class D 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 Class D Holder for application in accordance with the Transfer and Administration Agreement, provided that the amount of such distribution shall -------- not exceed (x) the product of the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amount distributed to the Paying Agent pursuant to clauses ----- (a)(i), (a)(ii) and (a)(iii) 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~~ Agent, the Collateral Interest Holder and the Class D Holder pursuant to the preceding sentence, the excess shall be ~~distributed~~ allocated to the ~~Paying Agent for payment~~ Seller's Interest and shall be released to the ~~Collateral Interest Holder~~ Seller 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 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 (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 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 Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Providian National Bank /New/)

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, Richmond time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to 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 Distribution Date) (i) deduct an amount equal to the Class A 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 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~~ 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 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, 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 Collateral Interest Holder, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (2) the Principal Allocation Percentage with respect to such Monthly Period minus ----- (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) 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 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 (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~~ Period, (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 and (iii) deduct an amount equal to the sum of (w) Collateral Minimum Monthly Interest for such Distribution Date, (x) Collateral Outstanding Monthly Interest and (y) the amount of Collateral Additional Interest, if any, for such Distribution Date and any Collateral 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 Collateral Interest Holder, 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 Collateral 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 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 Distribution Date. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the Series 2000-1 Holders shall be distributed in full to the Series 2000-1 Holders on the date on which funds are distributed to the applicable Paying Agents pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement. (d) Notwithstanding any provision of the Agreement or this Supplement, for purposes of Section 9.02(a) of the Agreement, the Holders of the Series 2000-1 Certificates shall not be deemed to have disapproved a liquidation of the Receivables following an Insolvency Event with respect to the Seller 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)

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~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than ~~12:00 noon~~4:00 p.m., ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1997-One Allocable Principal 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 Series 1997-One Allocable Principal Collections ~~of Principal Receivables~~ and (y) the ~~Principal~~ Fixed/Floating 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 Series 1997-One Allocable Principal 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 Series 1997-One Allocable Principal Collections ~~of Principal Receivables~~ and (B) the ~~Principal~~ Fixed/Floating 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 Series 1997-One Allocable Principal Collections ~~of Principal Receivables~~ and (B) the ~~Principal~~ Fixed/Floating 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than ~~12:00 noon~~4:00 p.m., ~~Richmond~~ 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 (wx) Class A Monthly Interest for such Distribution ~~Date,~~ Date and (xy) any Class A ~~Outstanding~~ Monthly Interest ~~and (y)~~ previously due but not distributed to the ~~amount of~~ Class A ~~Additional Interest, if any, for such~~ Certificateholders on a prior Distribution Date ~~and any Class A 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 A Certificateholders, provided that the amount of such distribution shall not exceed the product of (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-One Allocable Finance Charge ~~Receivables,~~ Collections and (By) 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 (wx) Class B Monthly Interest for such Distribution ~~Date, (x) Class B Outstanding Monthly Interest~~ Date and (y) ~~the amount of~~ Class B ~~Additional Interest, if any, for such~~ Monthly Interest previously due but not distributed to the Class B Certificateholders on a prior Distribution Date ~~and any Class B Outstanding Additional Interest,~~ from the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-One Allocable Finance Charge ~~Receivables~~ 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 (x) the portion of the Insolvency Proceeds allocated to Series 1997-One Allocable Finance Charge Collections and (y) the Floating 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~~ Series 1997-One Allocable Finance Charge ~~Receivables,~~ Collections and (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 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 allocated to the Transferor's Interest and shall be released to the Holders of the Transferor Certificates on such Distribution Date. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 1997-One Certificateholders shall be distributed in full to the Series 1997-One Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Compucredit Corp)

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2001-6 Allocable Principal 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 Series 2001-6 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 2001-6 Allocable Principal 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 Series 2001-6 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2001-6 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 2001-6 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2001-6 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-6 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 2001-6 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-6 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-6 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 2001-6 Certificateholders shall be distributed in full to the Series 2001-6 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

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

Appears in 1 contract

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2001-3 Allocable Principal 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 Series 2001-3 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 2001-3 Allocable Principal 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 Series 2001-3 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2001-3 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 2001-3 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2001-3 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-3 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 2001-3 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-3 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-3 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 2001-3 Certificateholders shall be distributed in full to the Series 2001-3 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

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

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~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1999-6 Allocable Principal 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 Series 1999-6 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 1999-6 Allocable Principal 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 Series 1999-6 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1999-6 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 1999-6 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 1999-6 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1999-6 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 1999-6 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1999-6 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1999-6 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 1999-6 Certificateholders shall be distributed in full to the Series 1999-6 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2001-1 Allocable Principal 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 Series 2001-1 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 2001-1 Allocable Principal 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 Series 2001-1 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2001-1 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 2001-1 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2001-1 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 2001-1 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-1 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 2001-1 Certificateholders shall be distributed in full to the Series 2001-1 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2002-2 Allocable Principal 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 Series 2002-2 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 2002-2 Allocable Principal 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 Series 2002-2 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2002-2 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 2002-2 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2002-2 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2002-2 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 2002-2 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2002-2 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2002-2 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 2002-2 Certificateholders shall be distributed in full to the Series 2002-2 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal 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 Series 1997-1 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 1997-1 Allocable Principal 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 Series 1997-1 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ Monthly Interest previously due but not distributed to the Class A Certificateholders or deposited in the Interest Funding Account on a prior Distribution Date and (y) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A ~~Outstanding~~ Additional ~~Interest,~~ Interest previously due but not distributed to the Class A Certificateholders or deposited in the Interest Funding Account 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 previously due but not distributed to the Class B Certificateholders or deposited in the Interest Funding Account on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B ~~Outstanding~~ Additional ~~Interest,~~ Interest previously due but not distributed to the Class B Certificateholders or deposited in the Interest Funding Account on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 Paying Agent for payment~~ released to the Collateral Interest Holder ~~on such Distribution Date~~for application by the Collateral Interest Holder in accordance with the Loan Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (At&t Universal Funding Corp)

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, Richmond time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to 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 Distribution Date) (i) deduct an amount equal to the Class A 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 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 (A) 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 distribute such amount to the Paying Agent for payment to the Class A ~~Certificateholders~~Certificateholders and (B) an amount equal to the Net Swap Payment, if any, for such Distribution Date and any previously due but not paid Net Swap Payments, 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 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 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 Distribution Date. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the Series 2000-5 Holders shall be distributed in full to the Series 2000-5 Holders on the date on which funds are distributed to the applicable Paying Agents pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement. (d) Notwithstanding any provision of the Agreement or this Supplement, for purposes of Section 9.02(a) of the Agreement, the Holders of the Series 2000-5 Certificates shall not be deemed to have disapproved a liquidation of the Receivables following an Insolvency Event with respect to the Seller 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~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1999-1 Allocable Principal 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 Series 1999-1 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 1999-1 Allocable Principal 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 Series 1999-1 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1999-1 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 1999-1 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 1999-1 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1999-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 1999-1 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1999-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1999-1 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 1999-1 Certificateholders shall be distributed in full to the Series 1999-1 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal 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 Series 1997-1 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 1997-1 Allocable Principal 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 Series 1997-1 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 1997-1 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1997-1 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 1997-1 Certificateholders shall be distributed in full to the Series 1997-1 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

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

Distribution of Proceeds of Sale. ~~Disposition~~ Distribution or ~~------------------------------------------------~~ ------------------------------------------------- Liquidation of the Receivables pursuant to Section 9.02 of the Agreement. ------------------------------------------------------------------------ (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to 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 Distribution Date) (i) deduct an amount equal to the Class A 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 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~~ 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 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 [and (iii) deduct an amount equal to the [Enhancement] [Collateral] Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and distribute such amount to the [Cash Collateral Depositor] [Collateral Interest Holder] for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) 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 [and the Cash Collateral Depositor] pursuant to the preceding sentence, the excess shall be ~~distributed~~ allocated to the ~~Paying Agent for payment~~ Depositor's Interest and shall be released to the ~~Collateral Interest Holder~~ Depositor on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 Interest for such Distribution Date, (x) any class A Monthly Interest previously due but not distributed to the Class A ~~Outstanding Monthly~~ Certificateholders [or deposited in the Interest Funding Account] on a prior Distribution Date and (y) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A ~~Outstanding~~ Additional ~~Interest,~~ Interest previously due but not distributed to the Class A Certificateholders [or deposited in the interest Funding Account] 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 of, (Ax) the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 previously due but not distributed to the Class B Certificateholders [or deposited in the Interest Funding Account] and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B ~~Outstanding~~ Additional ~~Interest,~~ interest previously due but not distributed to the Class B Certificateholders [or deposited in the Interest Funding Account] 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 B Certificateholders, provided that the amount of such distribution shall not exceed the product of (Ax) the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and (yB) 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 released to the [[Cash Collateral Depositor] [Collateral Interest Holder] for application by the [Cash Collateral Depositor] [Collateral Holder] in accordance with the Loan Agreement] [Credit Enhancement Provider for application by the Credit Enhancement Provider in accordance with the Credit Enhancement Agreement]. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts Distributed to the Paying Agent pursuant to this Section for payment to the Series 199_-_ Certificateholders shall be distributed in full to the Series 199_-_ Certificateholders on the date on which funds are distributed to the Paying Agent ~~for payment~~ pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the ~~Collateral Interest Holder on such Distribution Date~~Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement Supplement (Asset Backed Securities Corp)

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2001-7 Allocable Principal 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 Series 2001-7 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 2001-7 Allocable Principal 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 Series 2001-7 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2001-7 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 2001-7 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2001-7 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-7 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 2001-7 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-7 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-7 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 2001-7 Certificateholders shall be distributed in full to the Series 2001-7 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.1 of the Agreement~~. ------------------------------------------------------------------------~~. (a1) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.1(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1998-2 Allocable Principal Collections ~~of Principal Receivables~~ and distribute such amount to the Paying Agent for payment to the Class A ~~Certificateholders~~Securityholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 1998-2 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 1998-2 Allocable Principal Collections ~~of Principal Receivables~~ and distribute such amount to the Paying Agent for payment to the Class B ~~Certificateholders~~Securityholders, provided that the amount of such distribution shall not exceed (x) the product of (A) the portion of such Insolvency Proceeds allocated to Series 1998-2 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1998-2 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 1998-2 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 1998-2 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest~~ Holder of the Transferor Security on such Distribution Date. (b2) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ Monthly Interest previously due but not distributed to the Class A Securityholders on a prior Distribution Date and (y) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A ~~Outstanding~~ Additional ~~Interest,~~ Interest previously due but not distributed to the Class A Securityholders 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~~Securityholders, provided that the amount of such distribution shall not exceed the product of (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1998-2 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class A Floating Percentage with respect to such Monthly ~~Period and~~ Period; (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such Distribution Date, (x) any Class B ~~Outstanding~~ Monthly Interest previously due but not distributed to the Class B Securityholders on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B ~~Outstanding~~ Additional ~~Interest,~~ Interest previously due but not distributed to the Class B Securityholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1998-2 Allocable Finance Charge ~~Receivables~~ Collections and distribute such amount to the Paying Agent for payment to the Class B ~~Certificateholders~~Securityholders, provided that the amount of such distribution shall not exceed the product of (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1998-2 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period~~. To~~ ; (iii) deduct an amount equal to the ~~extent~~ sum of (w) Collateral Monthly Interest for such Distribution Date, (x) any Collateral Monthly Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date and (y) the amount of Collateral Additional Interest, if any, for such Distribution Date and any Collateral Additional Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1998-2 Allocable Finance Charge Collections and distribute such amount to the Collateral Interest Holder in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1998-2 Allocable Finance Charge ~~Receivables and~~ Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period ~~exceeds~~ and (z) the ~~aggregate~~ Collateral Floating Percentage with respect to such Monthly Period; (iv) deduct an amount equal to the sum of (w) Class D Monthly Interest for such Distribution Date, (x) Class D Monthly Interest previously due but not distributed to the ~~Paying Agent pursuant~~ Class D Securityholders on a prior Distribution Date and (y) the amount of Class D Additional Interest, if any, for such Distribution Date and any Class D Additional Interest previously due but not distributed to the ~~preceding sentence,~~ Class D Securityholders on a prior Distribution Date from the ~~excess shall be distributed~~ portion of the Insolvency Proceeds allocated to Series 1998-2 Allocable Finance Charge Collections and distribute such amount to the Paying Agent for payment to the ~~Collateral Interest Holder~~ Class D Securityholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 1998-2 Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class D Floating Percentage with respect to such Monthly Period; and (v) distribute any remaining insolvency proceeds to the Transferor. (3) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the Series 1998-2 Securityholders shall be distributed in full to the Series 1998-2 Securityholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.2 of the Agreement.

Appears in 1 contract

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series [199_-_] Allocable Principal 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 Series [199_-_] Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 [199_-_] Allocable Principal 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 Series [199_-_] Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series [199_-_] Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series [199_-_] Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series [199_-_] Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ Monthly Interest previously due but not distributed to the Class A Certificateholders or deposited in the Interest Funding Account on a prior Distribution Date and (y) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A ~~Outstanding~~ Additional ~~Interest,~~ Interest previously due but not distributed to the Class A Certificateholders or deposited in the Interest Funding Account 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series [199_-_] Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 previously due but not distributed to the Class B Certificateholders or deposited in the Interest Funding Account on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B ~~Outstanding~~ Additional ~~Interest,~~ Interest previously due but not distributed to the Class B Certificateholders or deposited in the Interest Funding Account on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series [199_-_] Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series [199_-_] Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series [199_-_] Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 Paying Agent for payment~~ released to the Collateral Interest Holder ~~on such Distribution Date~~for application by the Collateral Interest Holder in accordance with the Loan Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Universal Card Services Corp)

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, Richmond time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to Section ~~9.02(b~~8.02(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 Distribution Date) (i) deduct an amount equal to the Class A 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 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~~ 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 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 and (iii) deduct an amount equal to the Class C Invested Amount, if any, 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 C Interest Holders, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (2) the Principal Allocation Percentage with respect to such Monthly Period minus ----- (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) 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~~ allocated to the ~~Paying Agent for payment~~ Seller's Interest and shall be released to the ~~Collateral Interest Holder~~ Seller on such Distribution Date.. 43 (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 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 (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~~ Period, (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 and (iii) deduct an amount equal to the sum of (w) Class C Monthly Interest for such Distribution Date, (x) Class C Outstanding Monthly Interest and (y) the amount of Class C Additional Interest, if any, for such Distribution Date and any Class C 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 C Interest Holders, 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 C 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 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 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 Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 199_-_ Holders shall be distributed in full to the Series 199_-_ Holders on the date on which funds are distributed to the applicable Paying Agents pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement. (d) Notwithstanding any provision of the Agreement or this Supplement, for purposes of Section 9.02(a) of the Agreement, the Holders of the Series 199_-_ Certificates shall not be deemed to have disapproved a liquidation of the Receivables following an Insolvency Event with respect to the Seller 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) 44 beneficial owners of more than 50% of the Class C Interests shall have disapproved of such ~~Distribution Date~~liquidation.

Appears in 1 contract

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation ------------------------------------------------------------ of the ~~Receivables pursuant~~ Dealer Notes Pursuant to Section 9.02 of the Agreement. ~~------------------------------------------------------------------------~~------------------------------------------------------------- (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the ~~Collection~~ Collections Account pursuant to Section 9.02(b) of the Agreement, the Master Trust Trustee shall first (~~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 ~~Class A~~ Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series Allocable Principal Collections ~~of Principal Receivables~~ and ~~distribute~~ deposit such amount in the Series Principal Account; provided that the amount of such deposit shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series Allocable Principal Collections and (y) 100% minus the Excess Seller's Percentage with respect to the ~~Paying Agent for payment~~ related Due Period. The remainder of the portion of the Insolvency Proceeds allocated to Series Allocable Principal Collections shall be allocated to the ~~Class A Certificateholders~~Master Trust Seller's Interest and shall be distributed on such Distribution Date to the Seller. (b) Not later than 12:00 noon, New York City time, on such Distribution Date, the Master Trust 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 Interest for such Distribution Date and (ii) any accrued but unpaid Non-Use Fees and Additional Amounts, from the portion of the Insolvency Proceeds allocated to Series Allocable Finance Charge Collections and deposit such amount in the Distribution Account; provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series Allocable Finance Charge Collections ~~of Principal Receivables~~ and (y) 100% minus the ~~Principal Allocation~~ Excess Seller's 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~~ Due Period. The remainder of the portion of the Insolvency Proceeds allocated to Series Allocable Finance Charge Collections ~~of Principal Receivables and distribute such amount~~ shall be allocated to the ~~Paying Agent for payment~~ Master Trust Seller's Interest and shall be distributed on such Distribution Date to the ~~Class B Certificateholders~~Seller. (c) Notwithstanding anything to the contrary in this Series Supplement or the Agreement, ~~provided that~~ the entire amount deposited in the Series Principal Account and the Distribution Account pursuant to this Section 8.02 and all other amounts on deposit therein shall be distributed in full to the Series 2000-VFC Certificateholders on the Distribution Date on which funds are deposited pursuant to this Section 8.02 (or, if not so deposited on a Distribution Date, on the immediately following Distribution Date) and any distribution made pursuant to this Section 8.02 shall be deemed to be a final distribution pursuant to Section 12.03 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~~ Agreement 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 DateSeries 2000-VFC. (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 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 (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 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 Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Navistar Financial Securities Corp)

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 20[__]-[__] Allocable Principal 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 Series 20[__]-[__] Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 20[__]-[__] Allocable Principal 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 Series 20[__]-[__] Allocable Principal 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~~ sentence and (iii) distribute the ~~extent that the product of (A) the portion~~ remaining amount 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~~Holder. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 20[__]-[__] Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 20[__]-[__] Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 20[__]-[__] Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 20[__]-[__] Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 20[__]-[__] Certificateholders shall be distributed in full to the Series 20[__]-[__] Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Credit Account 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, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to 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 Distribution Date) (i) deduct an amount equal to the Class A 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 A Certificateholders, provided that the amount of such distribution shall not exceed the product of (xA) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (yB) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 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 (xA) the product of (A1) the portion of such Insolvency Proceeds allocated to Collections of Principal Receivables and (B2) the Principal Allocation Percentage with respect to the related Monthly Period minus (yB) the ----- amount distributed to the Paying Agent pursuant to clause (i) of this sentence and (iii) deduct an amount equal to the Class C Invested Amount, if any, 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 C Interest Holders, provided that the amount of such distribution shall not exceed (A) the product of (1) the portion of such Insolvency Proceeds allocated to Collections of Principal Receivables and (2) the Principal Allocation Percentage with respect to the related Monthly Period minus (B) the amount distributed to the Paying Agent pursuant to clauses (i) and ----- (ii) of this sentence. To the extent that the product of (AI) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (BII) 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~~ (i) paid to the ~~Paying Agent for payment~~ Cash Collateral Depositor or its designee in an amount equal to the amount of any draws on the Cash Collateral ~~Interest Holder~~ Account that have not been reimbursed, and (ii) to the extent of any remaining funds, paid to the Holders of the Transferor Certificates or their designee on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 (wA) Class A Monthly Interest for such Distribution Date, (xB) any Class A ~~Outstanding~~ Monthly Interest previously due but not distributed to the Class A Certificateholders on a prior Distribution Date and (yC) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A ~~Outstanding~~ Additional ~~Interest,~~ 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 (A1) the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables, (B2) the Floating Allocation Percentage with respect to the related Monthly Period and (C3) the Class A Floating Allocation Percentage with respect to such Monthly ~~Period and~~ Period, (ii) deduct an amount equal to the sum of (wA) Class B Monthly Interest for such Distribution Date, (xB) Class B ~~Outstanding~~ Monthly Interest previously due but not distributed to the Class B Certificateholders and (yC) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B ~~Outstanding~~ Additional ~~Interest,~~ 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 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 (A1) the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables, (B2) the Floating Allocation Percentage with respect to the related Monthly Period and (C3) the Class B Floating Allocation Percentage with respect to such Monthly Period and (iii) deduct an amount equal to the sum of (A) Class C Monthly Interest for such Distribution Date, (B) Class C Monthly Interest previously due but not distributed to the Class C Interest Holders, and (C) the amount of Class C Additional Interest, if any, for such Distribution Date and any Class C Additional Interest previously due but not distributed to the Class C Interest Holders 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 C Interest Holders, provided that the amount of such distribution shall not exceed the product of (1) the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables, (2) the Floating Allocation Percentage with respect to the related Monthly Period and (3) the Class C Floating Allocation Percentage with respect to such Monthly Period. To the extent that the product of (xI) the portion of the Insolvency Proceeds allocated to Collections of Finance Charge Receivables and (yII) 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~~ (i) paid to the ~~Paying Agent for payment~~ Cash Collateral Depositor or its designee in an amount equal to the amount of any draws on the Cash Collateral ~~Interest Holder~~ Account that have not been reimbursed and (ii) to the extent of any remaining funds paid to the Holders of the Transferor Certificates or their designee on such Distribution Date.

Appears in 1 contract

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2001-5 Allocable Principal 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 Series 2001-5 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 2001-5 Allocable Principal 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 Series 2001-5 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2001-5 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 2001-5 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2001-5 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-5 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 2001-5 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-5 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-5 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 2001-5 Certificateholders shall be distributed in full to the Series 2001-5 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

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

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, Richmond time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to Section ~~9.02(b~~8.02(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 Distribution Date) (i) deduct an amount equal to the Class A 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 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~~ 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 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 and (iii) deduct an amount equal to the Class C Invested Amount, if any, 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 C Interest Holders, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (2) the Principal Allocation Percentage with respect to such Monthly Period minus ----- (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) 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~~ allocated to the ~~Paying Agent for payment~~ Seller's Interest and shall be released to the ~~Collateral Interest Holder~~ Seller 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 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 (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~~ Period, (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 and (iii) deduct an amount equal to the sum of (w) Class C Monthly Interest for such Distribution Date, (x) Class C Outstanding Monthly Interest and (y) the amount of Class C Additional Interest, if any, for such Distribution Date and any Class C 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 C Interest Holders, 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 C 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 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 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 Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 1998-4 Holders shall be distributed in full to the Series 1998-4 Holders on the date on which funds are distributed to the applicable Paying Agents pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement. (d) Notwithstanding any provision of the Agreement or this Supplement, for purposes of Section 9.02(a) of the Agreement, the Holders of the Series 1998-4 Certificates shall not be deemed to have disapproved a liquidation of the Receivables following an Insolvency Event with respect to the Seller 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 Class C Interests shall have disapproved of such ~~Distribution Date~~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, Richmond time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to 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 Distribution Date) (i) deduct an amount equal to the Class A 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 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 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 (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 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 Distribution Date. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the Series 2000-3 Holders shall be distributed in full to the Series 2000-3 Holders on the date on which funds are distributed to the applicable Paying Agents pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement. (d) Notwithstanding any provision of the Agreement or this Supplement, for purposes of Section 9.02(a) of the Agreement, the Holders of the Series 2000-3 Certificates shall not be deemed to have disapproved a liquidation of the Receivables following an Insolvency Event with respect to the Seller 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~~ 9.1 of the Agreement~~. ------------------------------------------------------------------------~~. (a1) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.1(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1998-3 Allocable Principal Collections ~~of Principal Receivables~~ and distribute such amount to the Paying Agent for payment to the Class A ~~Certificateholders~~Securityholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 1998-3 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 1998-3 Allocable Principal Collections ~~of Principal Receivables~~ and distribute such amount to the Paying Agent for payment to the Class B ~~Certificateholders~~Securityholders, provided that the amount of such distribution shall not exceed (x) the product of (A) the portion of such Insolvency Proceeds allocated to Series 1998-3 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1998-3 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 1998-3 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 1998-3 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest~~ Holder of the Transferor Security on such Distribution Date. (b2) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ Monthly Interest previously due but not distributed to the Class A Securityholders on a prior Distribution Date and (y) the amount of Class A Additional Interest, if any, for such Distribution Date and any Class A ~~Outstanding~~ Additional ~~Interest,~~ Interest previously due but not distributed to the Class A Securityholders 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~~Securityholders, provided that the amount of such distribution shall not exceed the product of (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1998-3 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class A Floating Percentage with respect to such Monthly ~~Period and~~ Period; (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such Distribution Date, (x) any Class B ~~Outstanding~~ Monthly Interest previously due but not distributed to the Class B Securityholders on a prior Distribution Date and (y) the amount of Class B Additional Interest, if any, for such Distribution Date and any Class B ~~Outstanding~~ Additional ~~Interest,~~ Interest previously due but not distributed to the Class B Securityholders on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1998-3 Allocable Finance Charge ~~Receivables~~ Collections and distribute such amount to the Paying Agent for payment to the Class B ~~Certificateholders~~Securityholders, provided that the amount of such distribution shall not exceed the product of (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1998-3 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period~~. To~~ ; (iii) deduct an amount equal to the ~~extent~~ sum of (w) Collateral Monthly Interest for such Distribution Date, (x) any Collateral Monthly Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date and (y) the amount of Collateral Additional Interest, if any, for such Distribution Date and any Collateral Additional Interest previously due but not distributed to the Collateral Interest Holder on a prior Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1998-3 Allocable Finance Charge Collections and distribute such amount to the Collateral Interest Holder in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1998-3 Allocable Finance Charge ~~Receivables and~~ Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period ~~exceeds~~ and (z) the ~~aggregate~~ Collateral Floating Percentage with respect to such Monthly Period; (iv) deduct an amount equal to the sum of (w) Class D Monthly Interest for such Distribution Date, (x) Class D Monthly Interest previously due but not distributed to the ~~Paying Agent pursuant~~ Class D Securityholders on a prior Distribution Date and (y) the amount of Class D Additional Interest, if any, for such Distribution Date and any Class D Additional Interest previously due but not distributed to the ~~preceding sentence,~~ Class D Securityholders on a prior Distribution Date from the ~~excess shall be distributed~~ portion of the Insolvency Proceeds allocated to Series 1998-3 Allocable Finance Charge Collections and distribute such amount to the Paying Agent for payment to the ~~Collateral Interest Holder~~ Class D Securityholders, provided that the amount of such distribution shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series 1998-3 Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to the related Monthly Period and (z) the Class D Floating Percentage with respect to such Monthly Period; and (v) distribute any remaining insolvency proceeds to the Transferor. (3) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the Series 1998-3 Securityholders shall be distributed in full to the Series 1998-3 Securityholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.2 of the Agreement.

Appears in 1 contract

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1999-4 Allocable Principal 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 Series 1999-4 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 1999-4 Allocable Principal 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 Series 1999-4 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1999-4 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 1999-4 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 1999-4 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1999-4 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 1999-4 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1999-4 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1999-4 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 1999-4 Certificateholders shall be distributed in full to the Series 1999-4 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

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

Appears in 1 contract

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, the Trustee shall in accordance with the written direction of the (Series 2003-3 Supplement) 33 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2003-3 Allocable Principal 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 Series 2003-3 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 2003-3 Allocable Principal 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 Series 2003-3 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2003-3 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 2003-3 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2003-3 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2003-3 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 2003-3 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2003-3 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2003-3 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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~~ released to the ~~Paying Agent~~ (Series 2003-3 Supplement) 34 Collateral Interest Holder for ~~payment to~~ application by the Collateral Interest Holder ~~on such Distribution Date~~in accordance with the Loan Agreement.

Appears in 1 contract

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

Appears in 1 contract

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

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2000-5 Allocable Principal 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 Series 2000-5 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 2000-5 Allocable Principal 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 Series 2000-5 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2000-5 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 2000-5 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2000-5 Allocable Principal 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 (SERIES 2000-5 SUPPLEMENT) 33 excess shall be ~~distributed~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2000-5 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 2000-5 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2000-5 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2000-5 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 2000-5 Certificateholders shall be distributed in full to the Series 2000-5 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

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

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~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1998-1 Allocable Principal 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 Series 1998-1 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 1998-1 Allocable Principal 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 Series 1998-1 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1998-1 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 1998-1 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 1998-1 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1998-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 1998-1 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1998-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1998-1 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 1998-1 Certificateholders shall be distributed in full to the Series 1998-1 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Centurion 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, Richmond time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to Section ~~9.02(b~~8.02(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 Distribution Date) (i) deduct an amount equal to the Class A 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 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~~ 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 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, 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 Collateral Interest Holder, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Collections of Principal Receivables and (2) the Principal Allocation Percentage with respect to such Monthly Period minus ----- (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) 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 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 (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~~ Period, (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 and (iii) deduct an amount equal to the sum of (w) Collateral Minimum Monthly Interest for such Distribution Date, (x) Collateral Outstanding Monthly Interest and (y) the amount of Collateral Additional Interest, if any, for such Distribution Date and any Collateral 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 Collateral Interest Holder, 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 Collateral 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 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 Distribution Date. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the Series 1999-2 Holders shall be distributed in full to the Series 1999-2 Holders on the date on which funds are distributed to the applicable Paying Agents pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement. (d) Notwithstanding any provision of the Agreement or this Supplement, for purposes of Section 9.02(a) of the Agreement, the Holders of the Series 1999-2 Certificates shall not be deemed to have disapproved a liquidation of the Receivables following an Insolvency Event with respect to the Seller 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~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2000-1 Allocable Principal 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 Series 2000-1 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 2000-1 Allocable Principal 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 Series 2000-1 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2000-1 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 2000-1 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2000-1 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2000-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 2000-1 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2000-1 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2000-1 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 2000-1 Certificateholders shall be distributed in full to the Series 2000-1 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

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

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~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, Richmond time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to 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 Distribution Date) (i) deduct an amount equal to the Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Allocable Principal 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 Series 2001-2 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 2001-2 Allocable Principal 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 Series 2001-2 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2001-2 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 2001-2 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 2001-2 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-2 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 2001-2 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-2 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 2001-2 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 Paying Agent for payment~~ released to the Collateral Interest Holder ~~on such Distribution Date~~for application by the Collateral Interest Holder in accordance with the Loan Agreement.

Appears in 1 contract

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

Appears in 1 contract

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

Appears in 1 contract

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

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~~ Pursuant to Section ~~9.02~~ 9.2 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later ----------------------------------------------------------- than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to Section ~~9.02(b~~9.2(b) of the Agreement, the Trustee shall first (~~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 ~~Class A~~ Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to ~~Collections~~ the Series [ ] Allocation Percentage of Principal ~~Receivables~~ Collections and ~~distribute~~ deposit such amount to in the ~~Paying Agent for payment to the Class A Certificateholders~~Principal Funding Account, provided that the amount of such ~~distribution~~ -------- deposit shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to ~~Collections~~ the Series [ ] Allocation Percentage of Principal ~~Receivables~~ Collections and (y) 100% minus the ~~Principal Allocation~~ Excess Seller's 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~~ Collection Period. The remainder of the portion of the Insolvency Proceeds allocated to ~~Collections~~ the Series [ ] Allocation Percentage of Principal ~~Receivables and distribute such amount~~ Collections shall be allocated to the ~~Paying Agent for payment~~ Seller's Interest and shall be released 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 Seller on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ New York City time, on such Distribution Date, the Trustee shall first (~~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 (wi) ~~Class A~~ Monthly Interest for such Distribution Date, (xii) any ~~Class A Outstanding~~ Monthly Interest ~~and~~ previously due but not deposited into the Interest Funding Account on any prior Distribution Date, (yiii) the amount of ~~Class A~~ Additional Interest, if any, for such Distribution Date and any ~~Class A Outstanding~~ Additional ~~Interest~~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 [ ] Allocation Percentage of Non-Principal Collections ~~of Finance Charge Receivables~~ and ~~distribute~~ deposit such amount to in the ~~Paying Agent for payment to the Class A Certificateholders~~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 [ ] Allocation Percentage of Non-Principal Collections ~~of Finance Charge Receivables,~~ and (B) 100% minus 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~~ Excess Seller's Percentage. The remainder 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 Non-Principal Collections ~~of Finance Charge Receivables and distribute such amount~~ shall be allocated to the ~~Paying Agent for payment~~ Seller's Interest and shall be released 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 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 Seller on such Distribution Date. (c) Notwithstanding anything to the contrary in this Series Supplement or the Agreement, the entire amount deposited in the Principal Funding Account and the Interest Funding Account pursuant to this Section and all other amounts on deposit therein shall be distributed in full to the Series [ ] Certificateholders in the order of priority set forth in Section 4.7 on the Distribution Date on which funds are deposited pursuant to this Section 8.2 (or, if not so deposited on a Distribution Date, on the immediately following Distribution Date) and any distribution made pursuant to this Section 8.2 shall be deemed to be a final distribution pursuant to Section 12.2 of the Agreement with respect to Series [ ].

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Floorplan Receivables L P)

Distribution of Proceeds of Sale. Disposition or ~~------------------------------------------------~~ Liquidation of the Receivables pursuant to Section ~~9.02~~ 9.01 of the Agreement~~. ------------------------------------------------------------------------~~. (a) Not later than 12:00 noon, ~~Richmond~~ New York City time, on the Distribution Date following the date on which the Insolvency Proceeds are deposited into the Collection Account pursuant to ~~Section 9.02(b~~subsection 9.01(b) of the Agreement, 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 Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1999-5 Allocable Principal 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 Series 1999-5 Allocable Principal Collections ~~of Principal Receivables~~ and (y) the Principal Allocation Percentage with respect to the related Monthly ~~Period and~~ 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 1999-5 Allocable Principal 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 Series 1999-5 Allocable Principal 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 and (iii) deduct an amount equal to the Collateral Invested Amount, if any, on such Distribution Date from the portion of the Insolvency Proceeds allocated to Series 1999-5 Allocable Principal Collections and distribute such amount to the Collateral Interest Holder for application in accordance with the Loan Agreement, provided that the amount of such distribution shall not exceed (x) the product of (1) the portion of the Insolvency Proceeds allocated to Series 1999-5 Allocable Principal Collections and (2) the Principal Allocation Percentage with respect to such Monthly Period minus (y) the amounts distributed to the Paying Agent pursuant to clauses (i) and (ii) of this sentence. To the extent that the product of (A) the portion of the Insolvency Proceeds allocated to Series 1999-5 Allocable Principal 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~~ allocated to the ~~Paying Agent for payment~~ Transferor's Interest and shall be released to the ~~Collateral Interest Holder~~ Holders of the Transferor Certificates on such Distribution Date. (b) Not later than 12:00 noon, ~~Richmond~~ 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 ~~Outstanding~~ 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1999-5 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) 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 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 ~~Outstanding~~ Additional ~~Interest,~~ 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 ~~Collections of~~ Series 1999-5 Allocable Finance Charge ~~Receivables~~ 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 (Ax) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1999-5 Allocable Finance Charge ~~Receivables~~Collections, (By) the Floating Allocation Percentage with respect to the related Monthly Period and (Cz) the Class B Floating Percentage with respect to such Monthly Period. To the extent that the product of (xA) the portion of the Insolvency Proceeds allocated to ~~Collections of~~ Series 1999-5 Allocable Finance Charge ~~Receivables~~ Collections and (yB) 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 released to the Collateral Interest Holder for application by the Collateral Interest Holder in accordance with the Loan Agreement. (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts distributed to the Paying Agent pursuant to this Section for payment to the ~~Collateral Interest Holder~~ Series 1999-5 Certificateholders shall be distributed in full to the Series 1999-5 Certificateholders on ~~such Distribution Date~~the date on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

Appears in 1 contract

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

Appears in 1 contract

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

Appears in 1 contract

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

Common use of Distribution of Proceeds of Sale Clause in Contracts