Finance Charge Collections. The Finance Charge Collections have been calculated in compliance with the Credit and Collection Policy.
Finance Charge Collections. On each Settlement Date (other than a Special Settlement Date) funds on deposit in the Concentration Account representing Finance Charge Collections in respect of the preceding Settlement Period shall be distributed by the Managing Facility Agent as follows, to the extent of funds available therefor:
(i) first, to the Servicer as payment of the Servicing Fee for the preceding Settlement Period;
(ii) second, to the Purchasers pro rata as payment of all interest due pursuant to subsection 2.17(a) and (c) for the preceding Accrual Period;
(iii) third, to the Managing Facility Agent and each Purchaser which has made a demand prior to the Reporting Date preceding such Settlement Date, to costs payable pursuant to subsections 2.22, 2.23, 2.24 and 11.5;
(iv) fourth, to the Purchasers pro rata as payment of the Commitment Fees for the preceding Accrual Period pursuant to subsection 2.17(d) and second, to the Managing Facility Agent as payment of the fees referred to in subsection 2.17(e) to the extent such fees have not been paid directly by the Seller;
(v) fifth, if a Rating Event has occurred and is continuing, to the extent of funds available therefor, to the Managing Facility Agent for deposit into the Cash Collateral Account an amount equal to Finance Charges on those Wholesale Receivables which are Quarterly Receivables which Finance Charges have accrued during the preceding Settlement Period and are payable under the related Contract on a subsequent Settlement Date; and
(vi) sixth, any remaining Finance Charge Collections (such remainder, "Excess Spread") shall be distributed as follows:
(1) so long as no Trigger Amortization Event has occurred and is continuing, to the Seller or its designees and (2) in all other cases, 100% thereof shall be paid to the Purchasers pro rata as payment in respect of the Outstanding Purchase Price.
Finance Charge Collections. On each Business Day, the Servicer will apply or cause the Trustee to apply an amount equal to the least of (i) the CTO Invested Amount, (ii) the product of (x)(I) during the Revolving Period, the CTO Floating Percentage or (II) during an Amortization Period, the CTO Fixed/Floating Percentage and (y) the amount of Principal Collections for such Business Day and (iii) an amount equal to the sum of (a) the excess, if any, of the Class A Required Amount for such Business Day over the amount of Redirected Class D Principal Collections applied with respect thereto for such Business Day and (b) the excess, if any, of the Class B Required Amount for such Business Day over the amount of Redirected Class D Principal Collections applied with respect thereto for such Business Day (such amount called "Redirected CTO Principal Collections") and shall apply Principal Collections allocable to the Series 1998-2 Securities in an amount equal to such amount in accordance with subsection 4.9(a) as if such amounts were Available Series 1998-2
Finance Charge Collections. On each Business Day, the Servicer shall deliver to the Trustee a Daily Report in which it shall instruct the Trustee to withdraw, and the Trustee, acting in accordance with such instructions, shall withdraw amounts from the appropriate accounts, to the extent of the sum of (i) the amount of Finance Charge Collections allocated to the Series 1998-2 Securities pursuant to subsection 4.5(a) of the Agreement, (ii) amounts on deposit in the Payment Reserve Account, if any, if and to the extent the Transferor designates that such amounts are to be so applied, (iii) Reserve Account Investment Proceeds and investment earnings on amounts on deposit in the Interest Funding Account and the Principal Account and (iv) Defeasance Funding Account Investment Proceeds and other amounts withdrawn from the Defeasance Reserve Account pursuant to subsections 4.17(b), (c) and (d) and the Revolving Receivables Reserve Account pursuant to subsections 4.19(c), (d) and (e), which amounts shall be applied on each Transfer Date as if such amounts had been available on the last Business Day of the preceding Monthly Period (collectively, the "Available Series 1998-2 Finance Charge Collections"; provided that with respect to the Closing Date the amount deposited by the Transferor into the Interest Funding Account pursuant to subsection 4.5(a) of the Agreement shall also constitute Available Series 1998-2 Finance Charge Collections; and provided further that, with respect to any Business Day, amounts applied pursuant to Section 4.10 and Section 4.14 of the Agreement shall be applied as if such amounts were Available Series 1998-2 Finance Charge Collections). The Trustee shall apply Available Series 1998-2 Finance Charge Collections in the priority set forth below: Class A Monthly Interest. On each Business Day during a Monthly Period, the Trustee, acting in accordance with instructions from the Servicer, shall deposit into the Interest Funding Account for distribution on the next Distribution Date to the Class A Securityholders, to the extent of the Available Series 1998-2 Finance Charge Collections for such Business Day, an amount equal to the lesser of (x) the Available Series 1998-2 Finance Charge Collections and (y) the excess of (1) the sum of Class A Monthly Interest for the Interest Accrual Period beginning in such Monthly Period and Carryover Class A Monthly Interest over (2) any amounts with respect thereto previously deposited into the Interest Funding Account during such Mont...
Finance Charge Collections. On each Business Day, the Servicer will apply or cause the Trustee to apply an amount equal to the least of (i) the Class B Invested Amount, (ii) the product of (x)(I) during the Revolving Period, the Class B Floating Percentage or (II) during an Amortization Period, the Class B Fixed/Floating Percentage and (y) the amount of Principal Collections for such Business Day and (iii) an amount equal to the excess, if any, of the Class A Required Amount for such Business Day over the sum of the amount of Redirected Class D Principal Collections and Redirected CTO Principal Collections applied with respect thereto for such Business Day (such amount called "Redirected Class B Principal Collections") and shall apply Principal Collections allocable to the Series 1998-2 Securities equal to such amount in accordance with subsection 4.9(a) as if such amounts were Available Series 1998-2 Finance Charge Collections. On each Distribution Date, the Class D Invested Amount will be reduced by the aggregate amount of unreimbursed Redirected Principal Collections for the related Monthly Period. In the event that such reduction would cause the Class D Invested Amount to be a negative number, the Class D Invested Amount will be reduced to zero and the CTO Invested Amount will be reduced by the amount by which the Class D Invested Amount would have been reduced below zero. In the event that the amount of unreimbursed Redirected Principal Collections for such Distribution Date would cause the CTO Invested Amount to be a negative number, the CTO Invested Amount will be reduced to zero and the Class B Invested Amount will be reduced by the amount by which the CTO Invested Amount would have been reduced below zero. In the event that the amount of unreimbursed Redirected Principal Collections would cause the Class B Invested Amount to be a negative number on any Distribution Date, the amount of Class B Redirected Principal Collections on such Distribution Date will be an amount not to exceed the amount which would cause the Class B Invested Amount to be reduced to zero.
Finance Charge Collections. On each Business Day, the Servicer will determine an amount equal to the least of (i) the Class B Invested Amount, (ii) the product of (x)(I) during the Revolving Period, the Class B Floating Percentage or (II) during an Amortization Period, the Class B Fixed/Floating Percentage and (y) the amount of Principal Collections for such Business Day and (iii) an amount equal to the excess, if any, of the Class A Required Amount for such Business Day over the sum of the amount of Redirected Class D Principal Collections and Redirected Class C Principal Collections applied with respect thereto for such Business Day (such amount called "Redirected Class B Principal Collections") and shall apply Principal Collections allocable to the Series 1998-3 Securities in an amount equal to such amount in accordance with subsection 4.9(a) as if such amounts were Available Series 1998-3 Finance Charge Collections.
