Common use of Principal Shortfall Clause in Contracts

Principal Shortfall. The "Principal Shortfall" for Series 1997-2 shall be equal to (a) for any Distribution Date with respect to the Revolving Period zero, or such higher amount designated by the Servicer in an Officer's Certificate, (b) for any Distribution Date with respect to the Accumulation Period (on or prior to the Class B Expected Payment Date), the excess, if any, of the Controlled Deposit Amount with respect to such Distribution Date over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections), (c) for each Distribution Date with respect to a Rapid Amortization Period, unless and until the Collateral Indebtedness Amount has been paid in full, the excess, if any, of the sum of the Class A Investor Amount, the Class B Investor Amount and the Collateral Indebtedness Amount over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections) and (d) for each Distribution Date after the Class A Investor Amount and the Class B Investor Amount have been paid in full, the excess, if any, of the Investor Amount over the amount of Available Principal Collections for such Distribution Date, or such lesser amount designated by the Servicer.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Proffitts Credit Card Master Trust), Pooling and Servicing Agreement (Proffitts Credit Card Master Trust)

AutoNDA by SimpleDocs

Principal Shortfall. The "Principal Shortfall" for Series 1997-2 shall be equal to (a) for any Distribution Date with respect to the Revolving Period zero, or such higher amount designated by the Servicer in an Officer's Certificate, (b) for any Distribution Date with respect to the Accumulation Period (on or prior to the Class B Expected Payment Date), the excess, if any, of the Controlled Deposit Amount with respect to such Distribution Date over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections), (c) for each Distribution Date with respect to a Rapid Amortization Period, unless and until the Collateral Indebtedness Class A Investor Amount has and the Class B Investor Amount shall have been paid in full, the excess, if any, of the sum of the Class A Investor Amount, Amount and the Class B Investor Amount and the Collateral Indebtedness Amount over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections) and (d) for each Distribution Date after the Class A Investor Amount and the Class B Investor Amount have been paid in full, the excess, if any, of the Investor Amount over the amount of Available Principal Collections for such Distribution Date, or such lesser amount designated by the Servicer.

Appears in 1 contract

Samples: Proffitts Credit Corp

AutoNDA by SimpleDocs

Principal Shortfall. The "Principal Shortfall" for Series 1997------------------- ------------------- 1998-2 shall be equal to (a) for any Distribution Date with respect to the Revolving Period zero, or such higher amount designated by the Servicer in an Officer's Certificate, (b) for any Distribution Date with respect to the Accumulation Period (on or prior to the Class B Expected Payment Date), the excess, if any, of the Controlled Deposit Amount with respect to such Distribution Date over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections), (c) for each Distribution Date with respect to a Rapid Amortization Period, unless and until the Collateral Indebtedness Amount has been paid in full, the excess, if any, of the sum of the Class A Investor Amount, the Class B Investor Amount and the Collateral Indebtedness Amount over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections) and (d) for each Distribution Date after the Class A Investor Amount and the Class B Investor Amount have been paid in full, the excess, if any, of the Investor Amount over the amount of Available Principal Collections for such Distribution Date, or such lesser amount designated by the Servicer.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Proffitts Credit Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!