Common use of Monthly Interest Clause in Contracts

Monthly Interest. (a) The amount of monthly interest with respect to the Class A Certificates ("Class A Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class A Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall"). If, on any Distribution Date, the Class A Interest Shortfall is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate for such Interest Period and (ii) such Class A Interest Shortfall shall be payable as provided herein with respect to the Class A Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect to the Class A Certificates only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 2 contracts

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

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Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Class A Series 1996-2 Certificates ("Class A Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (xa) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (yb) of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Series 1996-2 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated made to the Class A Certificates Certificateholders on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $__________[ ]. Two Business Days prior to On the Determination Date preceding each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Interest Shortfall"), of (x) the sum of Class A aggregate Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to deposited in the Class A Certificates Interest Funding Account on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall")Supplement. If, on any Distribution Quarterly Payment Date or any Special Payment Date, the Class A an amount covering any Interest Shortfall is greater than zerofor any prior Distribution Date shall not have been deposited into the Interest Funding Account pursuant to Section 4.06(a)(i), then an additional amount ("Class A Additional Interest") --------------------------- equal to (xa) the actual number of days in the related Interest Period commencing on such Distribution Date divided by 360 days multiplied by (yb) the product of (i) the Class A Certificate Rate for such Interest Period plus two percentage points and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid or deposited in the Interest Funding Account) shall be payable as provided herein with respect to the Class A Series 1996-2 Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Interest Shortfall is paid or deposited in the Interest Funding Account. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect payable to the Class A Certificates Interest Funding Account or distributed to Series 1996-2 Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ford Credit Auto Receivables Corp)

Monthly Interest. (a) The amount of monthly interest ---------------- ("Monthly Interest") with respect to the Class A Series (_) Certificates ("Class A Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (xa) (the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by by) (yone-twelfth multiplied by) (b) the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Series (_) Certificates as of the close of business on the day immediately preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class A Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to . On the first Distribution Date, Class A Monthly Interest shall be equal to $__________. Two Business Days prior to Determination Date preceding each Distribution Date, the Master Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Interest Shortfall"), of (x) the sum of Class A aggregate Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to deposited in the Class A Certificates Interest Funding Account on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall")Supplement. If, on any Distribution (Quarterly) (Semi-annual) Payment Date or any Special Payment Date, the Class A an amount covering any Interest Shortfall is greater than zerofor any prior Distribution Date shall not have been deposited into the Interest Funding Account pursuant to Section 4.06(a)(i), then an additional amount ("Class A Additional Interest") --------------------------- equal to (xa) (the actual number of days in the related Interest Period commencing on such Distribution Date divided by 360 days multiplied by by) (yone-twelfth multiplied by) (b) the product of (i) the Class A Certificate Rate for such Interest Period plus two percentage points and (ii) such Class A Interest Shortfall ---- (or the portion thereof which has not been paid or deposited in the Interest Funding Account) shall be payable as provided herein with respect to the Class A Series (_) Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Interest Shortfall is paid or deposited in the Interest Funding Account. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect payable to the Class A Certificates Interest Funding Account or distributed to Series (_) Certificateholder only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ford Credit Auto Receivables LLC)

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Class A Series 2000-B Certificates ("Class A Monthly Interest") on any Distribution Date Date, commencing with the Initial Distribution Date, shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and Rate, (ii) the outstanding principal balance of the Class A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class A Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall"). If, on any Distribution Date, the Class A Interest Shortfall is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate for such Interest Period and (ii) such Class A Interest Shortfall shall be payable as provided herein with respect to the Class A Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect to the Class A Certificates only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class 2000-B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated made to the Class Series 2000-B Certificates Certificateholders on such preceding Distribution Date, if any); provided) or, however, -------- ------- with respect to in the first case of the Initial Distribution Date, Class B Monthly the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest shall be equal to $__________Period and the denominator of which is 360. Two Business Days prior to On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Interest Shortfall"), of (x) the sum of the Class B aggregate Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class Series 2000-B Certificates Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, Supplement. If the "Class B Interest ---------------- Shortfall"). If, on Shortfall with respect to any Distribution Date, the Class B Interest Shortfall Date is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Period and Periods), (ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Class Series 2000-B Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B Certificateholders. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to Certificateholders only to the extent permitted by applicable law. (cb) Any and all determinations made by On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine the excess, if any (the "Carry-over Shortfall"), of (x) the Carry-over Amount, if any, for such Distribution Date over (y) the amount which will be available to be distributed to Series 2000-B Certificateholders in respect thereof on such Distribution Date pursuant to this Section 4.02 Series Supplement. If the Carry-over Shortfall with respect to any Distribution Date is greater than zero, an additional amount ("Additional Carry-over Amount") equal to the product of (i) the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), (ii) such Carry-over Shortfall (or the portion thereof which has not been paid to Series 2000-B Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be communicated in writing and delivered payable as provided herein with respect to the Trustee no later than Series 2000-B Certificates on each Distribution Date following such Distribution Date to the Business Day preceding Distribution Date on which such Carry-over Shortfall is paid to Series 2000-B Certificateholders. Notwithstanding anything to the relevant Distribution Datecontrary herein, any Additional Carry-over Amount shall be payable or distributed to Series 2000-B Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Series 2000 B Supplement (Carco Auto Loan Master Trust)

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Class A Certificates ("Class A Monthly Interest") Series 2000-1 Notes on any Distribution Date Payment Date, shall be an ------------------------ amount equal to the product of (xi) the Note Rate, (ii) the outstanding principal balance of the Series 2000-1 Notes as of the close of business on the preceding Payment Date (after giving effect to all repayments of principal made to Series 2000-1 Noteholders on such preceding Payment Date, if any) and (iii) a fraction, the numerator of which is the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) and the product denominator of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class A Certificates on such preceding Distribution Date, if any)which is 360; provided, however, that with respect -------- ------- with respect to the first Distribution such Payment Date, Class A Monthly Interest shall be equal to $__________[ ]. Two Business Days prior to On the Determination Date preceding each Distribution Payment Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Interest Shortfall"), of (x) the sum of Class A aggregate Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Payment Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates Series 2000-1 Noteholders on such Distribution Payment Date in respect thereof pursuant to this Series Supplement (such excess, Supplement. If the "Class A Interest ---------------- Shortfall"). If, on any Distribution Date, the Class A Interest Shortfall with respect to any Payment Date is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Note Rate for the Interest Period commencing on the related Payment Date (or, for subsequent Interest Periods, the Note Rate for such subsequent Interest Period and Period), (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to Series 2000-1 Noteholders) and (iii) a fraction, the numerator of which is the amount of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Class A Certificates Series 2000-1 Notes on the Distribution each Payment Date following such Distribution DatePayment Date to and including the Payment Date on which such Interest Shortfall is paid to Series 2000-1 Noteholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed with respect to the Class A Certificates Series 2000-1 Noteholders only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to On the Class B Certificates ("Class B Monthly Interest") on any Distribution Determination Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Payment Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Carryover Shortfall"), of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amountCarryover Amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution for such Payment Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date Series 2000-1 Noteholders in respect thereof on such Payment Date pursuant to this Series Supplement (such excess, Supplement. If the "Class B Interest ---------------- Shortfall"). If, on Carryover Shortfall with respect to any Distribution Date, the Class B Interest Shortfall Payment Date is greater than zero, then an additional amount ("Class B Additional InterestCarryover Amount") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Note Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Payment Date (or, for subsequent Interest Periods, the Note Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Period and Periods), (ii) such Class B Carryover Shortfall (or the portion thereof which has not been paid to Series 2000-1 Noteholders) and (iii) a fraction, the numerator of which is the amount of days elapsed in such Interest Shortfall Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Class B Certificates Series 2000-1 Notes on the Distribution each Payment Date following such Distribution DatePayment Date to the Payment Date on which such Carryover Shortfall is paid to Series 2000-1 Noteholders. Notwithstanding anything to the contrary herein, Class B any Additional Interest Carryover Amount shall be payable or distributed to Series 2000-1 Noteholders only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Series Supplement (Volkswagen Dealer Finance LLC)

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Class A Series 1996-1 Certificates ("Class A Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number one-twelfth of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Series 1996-1 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated made to the Class A Certificates Certificateholders on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $__________[ ]. Two Business Days prior to Monthly Interest shall be calculated on the basis of a 360-day year of twelve 30-day months. On the Determination Date preceding each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Interest Shortfall"), of (x) the sum of Class A aggregate Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to deposited in the Class A Certificates Interest Funding Account on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall")Supplement. If, on any Distribution Semi-Annual Payment Date or any Special Payment Date, the Class A an amount covering any Interest Shortfall is greater than zerofor any prior Distribution Date shall not have been deposited into the Interest Funding Account pursuant to Section 4.06(a)(i), then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number one-twelfth of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate for such Interest Period plus two percentage points and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid or deposited in the Interest Funding Account) shall be payable as provided herein with respect to the Class A Series 1996-1 Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Interest Shortfall is paid or deposited in the Interest Funding Account. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect payable to the Class A Certificates Interest Funding Account or distributed to Series 1996-1 Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ford Credit Auto Receivables Corp)

Monthly Interest. (a) The amount of monthly interest with respect to the Class A Certificates ("Class A Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class A Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $[__________]. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall"). If, on any Distribution Date, the Class A Interest Shortfall is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate for such Interest Period and (ii) such Class A Interest Shortfall shall be payable as provided herein with respect to the Class A Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect to the Class A Certificates only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $[__________. ] Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

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

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Class A Series 1996-2 Certificates ("Class A Monthly Interest") on any Distribution Date Date, commencing with the Initial Distribution Date, shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and Rate, (ii) the outstanding principal balance of the Class A Series 1996-2 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated made to the Class A Certificates Series 1996-2 Certificateholders on such preceding Distribution Date, if any); provided) and (iii) a fraction, however, -------- ------- with respect to the first numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360. On the Determination Date preceding each Distribution Date, Class A Monthly Interest shall be equal to $__________. Two Business Days prior to each commencing with the Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Interest Shortfall"), of (x) the sum of Class A aggregate Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates Series 1996-2 Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, Supplement. If the "Class A Interest ---------------- Shortfall"). If, on Shortfall with respect to any Distribution Date, the Class A Interest Shortfall Date is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Period and Periods), (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to Series 1996-2 Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Class A Series 1996-2 Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Interest Shortfall is paid to Series 1996-2 Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed with respect to the Class A Certificates Series 1996-2 Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Series Supplement (Carco Auto Loan Master Trust)

Monthly Interest. (a) The amount of monthly interest with respect to the Class A Certificates ("Class A Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class A Certificates on such preceding Distribution Date, if any)) or for the first Distribution Date, as of the Closing Date; provided, however, -------- ------- with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $__________[ ]. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall"). If, on any Distribution Date, the Class A Interest Shortfall is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate for such Interest Period and (ii) such Class A Interest Shortfall shall be payable as provided herein with respect to the Class A Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect to the Class A Certificates only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any)) or for the first Distribution Date, as of the Closing Date; provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________[ ]. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp)

Monthly Interest. (a) The amount of monthly interest with respect to the Class A Certificates ("Class A Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class A Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall"). If, on any Distribution Date, the Class A Interest Shortfall is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate for such Interest Period and (ii) such Class A Interest Shortfall shall be payable as provided herein with respect to the Class A Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect to the Class A Certificates only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________112,986.93. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp)

Monthly Interest. (a) The amount of monthly interest accrued on the outstanding principal balance during an Interest Period with respect to the Class A Certificates Notes (the "Class A Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and Note Rate, (ii) the outstanding principal balance of the Class A Certificates Notes as of the close of business on the preceding Distribution Payment Date (after giving effect to all repayments of principal allocated made to the Class A Certificates Noteholders on such preceding Distribution Payment Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date) and (iii) a fraction, the Servicer shall determine and notify the Trustee in the Distribution Date Statement numerator of the excess, if any, of (x) the sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall"). If, on any Distribution Date, the Class A Interest Shortfall is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days elapsed in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate for such Interest Period and (ii) such Class A Interest Shortfall shall be payable as provided herein with respect to the Class A Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect to the Class A Certificates only to the extent permitted by applicable lawdenominator of which is 360. (b) The amount of monthly interest accrued on the outstanding principal balance during an Interest Period with respect to the Class B Certificates Notes (the "Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and Note Rate, (ii) the outstanding principal balance of the Class B Certificates Notes as of the close of business on the preceding Distribution Payment Date (after giving effect to all repayments of principal allocated made to the Class B Certificates Noteholders on such preceding Distribution Payment Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date) and (iii) a fraction, the Servicer shall determine and notify the Trustee in the Distribution Date Statement numerator of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days elapsed in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable lawdenominator of which is 360. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall The Class A Carry-over Amount, if any, will be communicated in writing and delivered paid on any Payment Date, to the Trustee no later than extent funds are allocated and available therefor after making all required distributions and deposits with respect to the Business Day preceding Series 2000-1 Notes, including payments with respect to principal (including deposits to the relevant Distribution Excess Funding Account), Monthly Interest, the Noteholder Monthly Servicing Fee, the Reserve Fund Deposit Amount, the Noteholder Defaulted Amount, the Monthly Dilution Amount, the Noteholder Charge-Off Reversal Amount and Noteholder Defaulted Amounts and Monthly Dilution Amounts from prior periods that had not previously been paid. The Class B Carry-over Amount, if any, will be paid on any Payment Date, to the extent funds are allocated and available therefor after making all required distributions and deposits with respect to the Series 2000-1 Notes, including payments with respect to principal (including deposits to the Excess Funding Account), Monthly Interest, the Noteholder Monthly Servicing Fee, the Reserve Fund Deposit Amount, the Noteholder Defaulted Amount, the Monthly Dilution Amount, the Noteholder Charge-Off Reversal Amount and Noteholder Defaulted Amounts and Monthly Dilution Amounts from prior periods that had not previously been paid and the Class A Carry-over Amount.

Appears in 1 contract

Samples: Indenture (Wodfi LLC)

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Class Series 2001-A Certificates ("Class A Monthly Interest") on any Distribution Date Date, commencing with the Initial Distribution Date, shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and Rate, (ii) the outstanding principal balance of the Class Series 2001-A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated made to the Class Series 2001-A Certificates Certificateholders on such preceding Distribution Date, if any); provided) or, however, -------- ------- with respect to in the first case of the Initial Distribution Date, Class A Monthly the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest shall be equal to $__________Period and the denominator of which is 360. Two Business Days prior to On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Interest Shortfall"), of (x) the sum of Class A aggregate Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class Series 2001-A Certificates Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, Supplement. If the "Class A Interest ---------------- Shortfall"). If, on Shortfall with respect to any Distribution Date, the Class A Interest Shortfall Date is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Period and Periods), (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to Series 2001-A Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Class Series 2001-A Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Interest Shortfall is paid to Series 2001-A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed with respect to the Class A Certificates Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to On the Class B Certificates ("Class B Monthly Interest") on any Distribution Determination Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding each Distribution Date, if any); provided, however, -------- ------- commencing with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the " Carry-over Shortfall"), of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amountCarry-over Amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior for such Distribution Date over (y) the amount which will be available to be distributed with to Series 2001-A Certificateholders in respect to the Class B Certificates thereof on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, Supplement. If the "Class B Interest ---------------- Shortfall"). If, on Carry-over Shortfall with respect to any Distribution Date, the Class B Interest Shortfall Date is greater than zero, then an additional amount ("Class B Additional InterestCarry-over Amount") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Period and Periods), (ii) such Class B Carry-over Shortfall (or the portion thereof which has not been paid to Series 2001-A Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Shortfall Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Class B Series 2001-A Certificates on the each Distribution Date following such Distribution DateDate to the Distribution Date on which such Carry-over Shortfall is paid to Series 2001-A Certificateholders. Notwithstanding anything to the contrary herein, Class B any Additional Interest Carry-over Amount shall be payable or distributed to Series 2001-A Certificateholders only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Series 2001 a Supplement (Daimlerchrysler Wholesale Receivables LLC)

Monthly Interest. (a) The amount of monthly interest ("Class A-1 Monthly Interest") with respect to the Class A A-1 Certificates ("Class A Monthly Interest") on any Distribution Date Date, commencing with the Initial Distribution Date, shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A A-1 Certificate Rate and Rate, (ii) the outstanding principal balance of the Class A A-1 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated made to the Class A Certificates A-1 Certificateholders on such preceding Distribution Date, if any); provided) or, however, -------- ------- with respect to in the first case of the Initial Distribution Date, Class A Monthly the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest shall be equal to $__________Period and the denominator of which is 360. Two Business Days prior to On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Class A-1 Interest Shortfall"), of (x) the sum of aggregate Class A A-1 Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates A-1 Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, Supplement. If the "Class A A-1 Interest ---------------- Shortfall"). If, on Shortfall with respect to any Distribution Date, the Class A Interest Shortfall Date is greater than zero, then an additional amount ("Additional Class A Additional A-1 Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A A-1 Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Class A-1 Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Period and Periods), (ii) such Class A A-1 Interest Shortfall (or the portion thereof which has not been paid to Class A-1 Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Class A A-1 Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Class A-1 Interest Shortfall is paid to Class A-1 Certificateholders. Notwithstanding anything to the contrary herein, Additional Class A Additional A-1 Interest shall be payable or distributed with respect to the Class A Certificates Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Carco Auto Loan Master Trust)

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Class A Series 1996-1 Certificates ("Class A Monthly Interest") on any Distribution Date Date, commencing with the Initial Distribution Date, shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and Rate, (ii) the outstanding principal balance of the Class A Series 1996-1 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated made to the Class A Certificates Series 1996-1 Certificateholders on such preceding Distribution Date, if any); provided) and (iii) a fraction, however, -------- ------- with respect to the first numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360. On the Determination Date preceding each Distribution Date, Class A Monthly Interest shall be equal to $__________. Two Business Days prior to each commencing with the Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Interest Shortfall"), of (x) the sum of Class A aggregate Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates Series 1996-1 Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, Supplement. If the "Class A Interest ---------------- Shortfall"). If, on Shortfall with respect to any Distribution Date, the Class A Interest Shortfall Date is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Period and Periods), (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to Series 1996-1 Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Class A Series 1996-1 Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Interest Shortfall is paid to Series 1996-1 Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed with respect to the Class A Certificates Series 1996-1 Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Series Supplement (Carco Auto Loan Master Trust)

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Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Class A Series 2000-B Certificates ("Class A Monthly Interest") on any Distribution Date Date, commencing with the Initial Distribution Date, shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and Rate, (ii) the outstanding principal balance of the Class A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class A Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall"). If, on any Distribution Date, the Class A Interest Shortfall is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate for such Interest Period and (ii) such Class A Interest Shortfall shall be payable as provided herein with respect to the Class A Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect to the Class A Certificates only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class 2000-B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated made to the Class Series 2000-B Certificates Certificateholders on such preceding Distribution Date, if any); provided) or, however, -------- ------- with respect to in the first case of the Initial Distribution Date, Class B Monthly the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest shall be equal to $__________Period and the denominator of which is 360. Two Business Days prior to On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Interest Shortfall"), of (x) the sum of the Class B aggregate Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class Series 2000-B Certificates Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, Supplement. If the "Class B Interest ---------------- Shortfall"). If, on Shortfall with respect to any Distribution Date, the Class B Interest Shortfall Date is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Period and Periods), (ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Class Series 2000-B Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B Certificateholders. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to Certificateholders only to the extent permitted by applicable law. (cb) Any and all determinations made by On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine the excess, if any (the "Carry-over Shortfall"), of (x) the Carry-over Amount, if any, for such Distribution Date over (y) the amount which will be available to be distributed to Series 2000-B Certificateholders in respect thereof on such Distribution Date pursuant to this Section 4.02 Series Supplement. If the Carry-over Shortfall with respect to any Distribution Date is greater than zero, an additional amount ("Additional Carry-over Amount") equal to the product of (i) the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), (ii) such Carry-over Shortfall (or the portion thereof which has not been paid to Series 2000-A Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be communicated in writing and delivered payable as provided herein with respect to the Trustee no later than Series 2000-B Certificates on each Distribution Date following such Distribution Date to the Business Day preceding Distribution Date on which such Carry-over Shortfall is paid to Series 2000-B Certificateholders. Notwithstanding anything to the relevant Distribution Datecontrary herein, any Additional Carry-over Amount shall be payable or distributed to Series 2000-B Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Series Supplement (Carco Auto Loan Master Trust)

Monthly Interest. [(a) )] The amount of monthly interest ("Monthly Interest") with respect to the Class A Series [199_-_] Certificates ("Class A Monthly Interest") on any Distribution Date shall be [an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and Rate, (ii) the outstanding principal balance of the Class A Series [199_-_] Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated made to the Class A Certificates Series [199_-_] Certificateholders on such preceding Distribution Date, if any)) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is [360] [other]][an amount equal to one twelfth of the product of (i) the outstanding principal balance of the Series [199_-_] Certificates as of the close of business on the preceding Distribution Date after giving effect to all repayments of principal made to the Series [199_-_] Certificateholders on such preceding Distribution Date, if any, and (ii) the Certificate Rate; provided, however, -------- ------- that with respect to the first such Distribution Date, Class A Monthly Interest shall be equal to $__________. Two Business Days prior to Monthly Interest shall be calculated on the basis of a 360- day year of twelve 30-day months]. On the Determination Date preceding each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Interest Shortfall"), of (x) the sum of Class A aggregate Monthly Interest for the [Interest Period Period] [Accrual Record] applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be [deposited in the Interest Funding Account or] distributed with respect to the Class A Certificates Series [199_-_] Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, Supplement. If the "Class A Interest ---------------- Shortfall"). If, on Shortfall with respect to any Distribution Date, the Class A Interest Shortfall Date is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) [the product of (i) the Class A Certificate Rate for the [Interest Period] commencing on the related Distribution Date (or, for subsequent [Interest Periods] [Accrual Periods], the Certificate Rate for such subsequent [Interest Period Period] [Accrual Period]), (ii) such Interest Shortfall (or the portion thereof which has not been [deposited in the Interest Funding Account or] paid to Series [199_-_] Certificateholders) and (iii) a fraction, the numerator of which is the amount of days elapsed in such [Interest Period] [Accrual Period] (or in a subsequent [Interest Period] [Accrual Period]) and the denominator of which is [ ] 360 [other]] [one-twelfth of the product of (i) the Certificate Rate and (ii) such Class A Interest Shortfall (or the portion thereof which has not been [deposited to the Interest Funding Account or] paid to the Series [199_-_] Certificateholders], shall be payable as provided herein with respect to the Class A Series [199_-_] Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Interest Shortfall is paid to Series [199_-_] Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed with respect to the Class A Certificates Series [199_-_] Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement Supplement (Carco Auto Loan Master Trust)

Monthly Interest. (a) The amount of monthly interest accrued during an Interest Period with respect to the Class A Certificates Notes (the "Class A Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and Note Rate, (ii) the outstanding principal balance of the Class A Certificates Notes as of the close of business on the preceding Distribution Payment Date (after giving effect to all repayments of principal allocated made to the Class A Certificates Noteholders on such preceding Distribution Payment Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date) and (iii) a fraction, the Servicer shall determine and notify the Trustee in the Distribution Date Statement numerator of the excess, if any, of (x) the sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall"). If, on any Distribution Date, the Class A Interest Shortfall is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) [the actual number of days elapsed in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate for such Interest Period Period] [30] and (ii) such Class A Interest Shortfall shall be payable as provided herein with respect to the Class A Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect to the Class A Certificates only to the extent permitted by applicable lawdenominator of which is [360]. (b) The amount of monthly interest accrued during an Interest Period with respect to the Class B Certificates Notes (the "Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and Note Rate, (ii) the outstanding principal balance of the Class B Certificates Notes as of the close of business on the preceding Distribution Payment Date (after giving effect to all repayments of principal allocated made to the Class B Certificates Noteholders on such preceding Distribution Payment Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date) and (iii) a fraction, the Servicer shall determine and notify the Trustee in the Distribution Date Statement numerator of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) [the actual number of days elapsed in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period Period] [30] and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable lawdenominator of which is [360]. (c) Any and all determinations made by [The Class A Carry-over Amount, if any, will be paid on any Payment Date where the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered Class A Note Rate is based on the Assets Receivable Rate, to the Trustee no later than extent funds are allocated and available therefor after making all required distributions and deposits with respect to the Business Day preceding Series 2000-1 Notes, including payments with respect to principal (including deposits to the relevant Distribution Date.Excess Funding Account), Monthly Interest, the Noteholder Monthly Servicing Fee, the Reserve Fund Deposit Amount, the Noteholder Default Amount and the Monthly Dilution Amount. The Class

Appears in 1 contract

Samples: Supplement to Indenture (Wodfi LLC)

Monthly Interest. (a) The amount of monthly interest accrued on the outstanding principal balance during an Interest Period with respect to the Class A Certificates Notes (the "Class A ------- Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and ---------------- Note Rate, (ii) the outstanding principal balance of the Class A Certificates Notes as of the close of business on the preceding Distribution Payment Date (after giving effect to all repayments of principal allocated made to the Class A Certificates Noteholders on such preceding Distribution Payment Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date) and (iii) a fraction, the Servicer shall determine and notify the Trustee in the Distribution Date Statement numerator of the excess, if any, of (x) the sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall"). If, on any Distribution Date, the Class A Interest Shortfall is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days elapsed in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate for such Interest Period and (ii) such Class A Interest Shortfall shall be payable as provided herein with respect to the Class A Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect to the Class A Certificates only to the extent permitted by applicable lawdenominator of which is 360. (b) The amount of monthly interest accrued on the outstanding principal balance during an Interest Period with respect to the Class B Certificates Notes (the "Class ----- B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and ------------------ Note Rate, (ii) the outstanding principal balance of the Class B Certificates Notes as of the close of business on the preceding Distribution Payment Date (after giving effect to all repayments of principal allocated made to the Class B Certificates Noteholders on such preceding Distribution Payment Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date) and (iii) a fraction, the Servicer shall determine and notify the Trustee in the Distribution Date Statement numerator of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days elapsed in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable lawdenominator of which is 360. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall The Class A Carry-Over Amount, if any, will be communicated in writing and delivered paid on any Payment Date, to the Trustee no later than extent funds are allocated and available therefor after making all required distributions and deposits with respect to the Business Day preceding Series 2001-1 Notes, including payments with respect to principal (including deposits to the relevant Distribution Excess Funding Account), Monthly Interest, the Noteholder Monthly Servicing Fee, the Reserve Fund Deposit Amount, the Noteholder Defaulted Amount, the Monthly Dilution Amount, the Noteholder Charge-Off Reversal Amount and Noteholder Defaulted Amounts and Monthly Dilution Amounts from prior periods that had not previously been paid. The Class B Carry-Over Amount, if any, will be paid on any Payment Date, to the extent funds are allocated and available therefor after making all required distributions and deposits with respect to the Series 2001-1 Notes, including payments with respect to principal (including deposits to the Excess Funding Account), Monthly Interest, the Noteholder Monthly Servicing Fee, the Reserve Fund Deposit Amount, the Noteholder Defaulted Amount, the Monthly Dilution Amount, the Noteholder Charge-Off Reversal Amount and Noteholder Defaulted Amounts and Monthly Dilution Amounts from prior periods that had not previously been paid and the Class A Carry-Over Amount.

Appears in 1 contract

Samples: Indenture (Wodfi LLC)

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Class A Series 1996-1 Certificates ("Class A Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number one-twelfth of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Series 1996-1 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated made to the Class A Certificates Certificateholders on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $__________3,055,555.55. Two Business Days prior to Monthly Interest shall be calculated on the basis of a 360-day year of twelve 30-day months. On the Determination Date preceding each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Interest Shortfall"), of (x) the sum of Class A aggregate Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to deposited in the Class A Certificates Interest Funding Account on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall")Supplement. If, on any Distribution SemiAnnual Payment Date or any Special Payment Date, the Class A an amount covering any Interest Shortfall is greater than zerofor any prior Distribution Date shall not have been deposited into the Interest Funding Account pursuant to Section 4.06(a)(i), then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number one-twelfth of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate for such Interest Period plus two percentage points and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid or deposited in the Interest Funding Account) shall be payable as provided herein with respect to the Class A Series 1996-1 Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Interest Shortfall is paid or deposited in the Interest Funding Account. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect payable to the Class A Certificates Interest Funding Account or distributed to Series 1996-1 Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ford Credit Auto Loan Master Trust)

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Class A Series 2000-C Certificates ("Class A Monthly Interest") on any Distribution Date Date, commencing with the Initial Distribution Date, shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and Rate, (ii) the outstanding principal balance of the Class A Series 2000-C Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated made to the Class A Certificates Series 2000-C Certificateholders on such preceding Distribution Date, if any); provided) or, however, -------- ------- with respect to in the first case of the Initial Distribution Date, Class A Monthly the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest shall be equal to $__________Period and the denominator of which is 360. Two Business Days prior to On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Interest Shortfall"), of (x) the sum of Class A aggregate Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates Series 2000-C Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, Supplement. If the "Class A Interest ---------------- Shortfall"). If, on Shortfall with respect to any Distribution Date, the Class A Interest Shortfall Date is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Period and Periods), (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to Series 2000-C Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Class A Series 2000-C Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-C Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed with respect to the Class A Certificates Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to On the Class B Certificates ("Class B Monthly Interest") on any Distribution Determination Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding each Distribution Date, if any); provided, however, -------- ------- commencing with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the " Carry-over Shortfall"), of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amountCarry-over Amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior for such Distribution Date over (y) the amount which will be available to be distributed with to Series 2000-C Certificateholders in respect to the Class B Certificates thereof on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, Supplement. If the "Class B Interest ---------------- Shortfall"). If, on Carry-over Shortfall with respect to any Distribution Date, the Class B Interest Shortfall Date is greater than zero, then an additional amount ("Class B Additional InterestCarry-over Amount") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Period and Periods), (ii) such Class B Carry-over Shortfall (or the portion thereof which has not been paid to Series 2000-C Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Shortfall Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Class B Series 2000-C Certificates on the each Distribution Date following such Distribution DateDate to the Distribution Date on which such Carry-over Shortfall is paid to Series 2000-C Certificateholders. Notwithstanding anything to the contrary herein, Class B any Additional Interest Carry-over Amount shall be payable or distributed to Series 2000-C Certificateholders only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Series Supplement (Carco Auto Loan Master Trust)

Monthly Interest. (a) The amount of monthly interest ("Class A-1 Monthly Interest") with respect to the Class A A-1 Certificates ("Class A Monthly Interest") on any Distribution Date Date, commencing with the Initial Distribution Date, shall be an ------------------------ amount equal to (x) the actual number one-twelfth of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A A-1 Certificate Rate and (ii) the outstanding principal balance of the Class A A-1 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated made to the Class A Certificates A-1 Certificateholders on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to that Class A-1 Monthly Interest for the first Initial Distribution Date shall be $2,197,222.22. On the Determination Date preceding each Distribution Date, Class A Monthly Interest shall be equal to $__________. Two Business Days prior to each commencing with the Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Class A-1 Interest Shortfall"), of (x) the sum of aggregate Class A A-1 Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates A-1 Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, Supplement. If the "Class A A-1 Interest ---------------- Shortfall"). If, on Shortfall with respect to any Distribution Date, the Class A Interest Shortfall Date is greater than zero, then an additional amount ("Additional Class A Additional A-1 Interest") --------------------------- equal to (x) the actual number one-twelfth of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A A-1 Certificate Rate for such Interest Period and (ii) such Class A A-1 Interest Shortfall (or the portion thereof which has not been paid to Class A-1 Certificateholders) shall be payable as provided herein with respect to the Class A A-1 Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Class A-1 Interest Shortfall is paid to Class A-1 Certificateholders. Notwithstanding anything to the contrary herein, Additional Class A Additional A-1 Interest shall be payable or distributed with respect to the Class A Certificates A-1 Certificateholders only to the extent permitted by applicable law. (b) The amount of monthly interest ("Class A-2 Monthly Interest") with respect to the Class B A-2 Certificates ("Class B Monthly Interest") on any Distribution Date Date, commencing with the Initial Distribution Date, shall be an ------------------------ amount equal to (x) the actual number one-twelfth of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B A-2 Certificate Rate and (ii) the outstanding principal balance of the Class B A-2 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated made to the Class B Certificates A-2 Certificateholders on such preceding Distribution Date, if any); provided, however, -------- ------- with respect to that Class A-2 Monthly Interest for the first Initial Distribution Date shall be $3,371,666.67. On the Determination Date preceding each Distribution Date, Class B Monthly Interest shall be equal to $__________. Two Business Days prior to each commencing with the Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if anyany (the "Class A-2 Interest Shortfall"), of (x) the sum of the aggregate Class B A-2 Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates A-2 Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, Supplement. If the "Class B A-2 Interest ---------------- Shortfall"). If, on Shortfall with respect to any Distribution Date, the Class B Interest Shortfall Date is greater than zero, then an additional amount ("Class B A-2 Additional Interest") --------------------------- equal to (x) the actual number one-twelfth of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B A-2 Certificate Rate for such Interest Period and (ii) such Class B A-2 Interest Shortfall (or the portion thereof which has not been paid to Class A-2 Certificateholders) shall be payable as provided herein with respect to the Class B A-2 Certificates on the each Distribution Date following such Distribution DateDate to and including the Distribution Date on which such Class A-2 Interest Shortfall is paid to Class A-2 Certificateholders. Notwithstanding anything to the contrary herein, Additional Class B Additional A-2 Interest shall be payable or distributed to Class A-2 Certificateholders only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.

Appears in 1 contract

Samples: Series Supplement (Carco Auto Loan Master Trust)

Monthly Interest. (a) The amount of monthly interest with respect to the Class A Certificates ("Class A Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class A Certificates on such preceding Distribution Date, if any)) or for the first Distribution Date, as of the Closing Date; provided, however, -------- ------- with respect to the first Distribution Date, Class A Monthly Interest shall be equal to $__________777,190.94. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class A Interest ---------------- Shortfall"). If, on any Distribution Date, the Class A Interest Shortfall is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate for such Interest Period and (ii) such Class A Interest Shortfall shall be payable as provided herein with respect to the Class A Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be distributed with respect to the Class A Certificates only to the extent permitted by applicable law. (b) The amount of monthly interest with respect to the Class B Certificates ("Class B Monthly Interest") on any Distribution Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate and (ii) the outstanding principal balance of the Class B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal allocated to the Class B Certificates on such preceding Distribution Date, if any)) or, for the first Distribution Date, as of the Closing Date; provided, however, -------- ------- with respect to the first Distribution Date, Class B Monthly Interest shall be equal to $__________55,103.89. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any, of (x) the sum of the Class B Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class B Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to the Class B Certificates on such Distribution Date in respect thereof pursuant to this Series Supplement (such excess, the "Class B Interest ---------------- Shortfall"). If, on any Distribution Date, the Class B Interest Shortfall is greater than zero, then an additional amount ("Class B Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class B Certificate Rate for such Interest Period and (ii) such Class B Interest Shortfall shall be payable as provided herein with respect to the Class B Certificates on the Distribution Date following such Distribution Date. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be distributed only to the extent permitted by applicable law. (c) Any and all determinations made by the Servicer pursuant to this Section 4.02 shall be communicated in writing and delivered to the Trustee no later than the Business Day preceding the relevant Distribution Date.of

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp)

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