Common use of Reimbursement of Investor Charge Offs Clause in Contracts

Reimbursement of Investor Charge Offs. On each Transfer Date, the Trustee, acting in accordance with instructions of the Servicer, shall withdraw from the Finance Charge Account, to the extent funds have been allocated to the Series 1993-3 Certificates from Collections processed during the preceding Monthly Period, after giving effect to the withdrawals from the Finance Charge Account pursuant to subsections 4.06(a), (b) and (c), an amount equal to the aggregate amount of Investor Charge Offs, if any, which have not theretofore been reimbursed pursuant to this subsection 4.06(d), which shall during the Rapid Amortization Period be treated as a portion of Investor Principal Collections and deposited into the Principal Account on such Transfer Date. On the date of any such reimbursement, the Investor Interest shall be increased by the amount of such reimbursement of Investor Charge Offs. (g) Section 4.08 of Article IV of the Agreement is hereby amended to read as follows: (i) on each Determination Date with respect to the Revolving Period, the Servicer shall instruct the Trustee in writing to distribute, and on the next succeeding Transfer Date the Trustee shall distribute, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period in the following priority: (A) an amount equal to the lesser of (x) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall and (y) Available Investor Principal Collections shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 1993-3; and (B) an amount equal to the excess, if any, of (x) the Available Investor Principal Collections for such Transfer Date over (y) the applications specified in subsections 4.08(a)(i)(A) above shall be paid to the Holder of the Exchangeable Seller Certificate; provided, however, that the amount to be paid to the Holder of the Exchangeable Seller Certificate pursuant to this subsection 4.08(a)(i)(B) with respect to such Transfer Date shall be paid to the Holder of the Exchangeable Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.04(d). (ii) On the Determination Date in the calendar month following the Monthly Period in which either the Controlled Amortization Period or the Rapid Amortization Period commences, and on each Determination Date thereafter, the Servicer shall instruct the Trustee in writing to distribute, and on the next succeeding Transfer Date the Trustee shall distribute, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period in the following priority: (A) (x) during the Controlled Amortization Period, an amount equal to the lesser of (1) the Available Investor Principal Collections and (2) the Controlled Distribution Amount and (y) during the Rapid Amortization Period, an amount equal to the Available Investor Principal Collections shall be deposited into the Distribution Account; provided, however, that the aggregate amount deposited into the Distribution Account pursuant to this subsection 4.08(a)(ii)(A) shall not exceed the Investor Interest as of the end of the day of the preceding Record Date; (B) an amount equal to the lesser of (x) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections remaining after the application specified in subsection 4.08(a)(ii)(A) above and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall and (y) Available Investor Principal Collections remaining after the application specified in subsection 4.08(a)(ii)(A) above, shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 1993-3; and (C) an amount equal to the excess, if any, of (x) the Available Investor Principal Collections for such Transfer Date over (y) the applications specified in subsections 4.08(a)(ii)(A) and (B) above shall be paid to the Holder of the Exchangeable Seller Certificate; provided, however, that the amount to be paid to the Holder of the Exchangeable Seller Certificate pursuant to this subsection 4.08(a)(ii)(C) with respect to such Transfer Date shall be paid to the Holder of the Exchangeable Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.04(d).

Reimbursement of Investor Charge Offs. On each Transfer Date, the Trustee, acting in accordance with instructions of the Servicer, shall withdraw from the Finance Charge Account, to the extent funds have been allocated to the Series 19931992-3 1 Certificates from Collections processed during the preceding Monthly Period, after giving effect to the withdrawals from the Finance Charge Account pursuant to subsections 4.06(a), (b) and (c), an amount equal to the aggregate amount of Investor Charge Offs, if any, which have not theretofore been reimbursed pursuant to this subsection 4.06(d), which shall during the Rapid Amortization Period be treated as a portion of Investor Principal Collections and deposited into the Principal Account on such Transfer Date. On the date of any such reimbursement, the Investor Interest shall be increased by the amount of such reimbursement of Investor Charge Offs. (g) Section 4.08 of Article IV of the Agreement is hereby amended to read as follows: (i) on each Determination Date with respect to the Revolving Period, the Servicer shall instruct the Trustee in writing to distribute, and on the next succeeding Transfer Date the Trustee shall distribute, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period in the following priority: (A) an amount equal to the lesser of (x) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall and (y) Available Investor Principal Collections shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 19931992-31; and (B) an amount equal to the excess, if any, of (x) the Available Investor Principal Collections for such Transfer Date over (y) the applications specified in subsections 4.08(a)(i)(A) above shall be paid to the Holder of the Exchangeable Seller Certificate; provided, however, that the amount to be paid to the Holder of the Exchangeable Seller Certificate pursuant to this subsection 4.08(a)(i)(B) with respect to such Transfer Date shall be paid to the Holder of the Exchangeable Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.04(d). (ii) On the Determination Date in the calendar month following the Monthly Period in which either the Controlled Amortization Period or the Rapid Amortization Period commences, and on each Determination Date thereafter, the Servicer shall instruct the Trustee in writing to distribute, and on the next succeeding Transfer Date the Trustee shall distribute, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period in the following priority: (A) (x) during the Controlled Amortization Period, an amount equal to the lesser of (1) the Available Investor Principal Collections and (2) the Controlled Distribution Amount and (y) during the Rapid Amortization Period, an amount equal to the Available Investor Principal Collections shall be deposited into the Distribution Account; provided, however, that the aggregate amount deposited into the Distribution Account pursuant to this subsection 4.08(a)(ii)(A) shall not exceed the Investor Interest as of the end of the day of the preceding Record Date; (B) an amount equal to the lesser of (x) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections remaining after the application specified in subsection 4.08(a)(ii)(A) above and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall and (y) Available Investor Principal Collections remaining after the application specified in subsection 4.08(a)(ii)(A) above, shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 19931992-31; and (C) an amount equal to the excess, if any, of (x) the Available Investor Principal Collections for such Transfer Date over (y) the applications specified in subsections 4.08(a)(ii)(A) and (B) above shall be paid to the Holder of the Exchangeable Seller Certificate; provided, however, that the amount to be paid to the Holder of the Exchangeable Seller Certificate pursuant to this subsection 4.08(a)(ii)(C) with respect to such Transfer Date shall be paid to the Holder of the Exchangeable Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.04(d).

Reimbursement of Investor Charge Offs. On each Transfer Date, the Trustee, acting in accordance with instructions of the Servicer, shall withdraw from the Finance Charge Account, to the extent funds have been allocated to the Series 19931992-3 Certificates from Collections processed during the preceding Monthly Period, after giving effect to the withdrawals from the Finance Charge Account pursuant to subsections 4.06(a), (b) and (c), an amount equal to the aggregate amount of Investor Charge Offs, if any, which have not theretofore been reimbursed pursuant to this subsection 4.06(d), which shall during the Rapid Amortization Period be treated as a portion of Investor Principal Collections and deposited into the Principal Account on such Transfer Date. On the date of any such reimbursement, the Investor Interest shall be increased by the amount of such reimbursement of Investor Charge Offs. (g) Section 4.08 of Article IV of the Agreement is hereby amended to read as follows: (i) on each Determination Date with respect to the Revolving Period, the Servicer shall instruct the Trustee in writing to distribute, and on the next succeeding Transfer Date the Trustee shall distribute, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period in the following priority: (A) an amount equal to the lesser of (x) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall and (y) Available Investor Principal Collections shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 19931992-3; and (B) an amount equal to the excess, if any, of (x) the Available Investor Principal Collections for such Transfer Date over (y) the applications specified in subsections 4.08(a)(i)(A) above shall be paid to the Holder of the Exchangeable Seller Certificate; provided, however, that the amount to be paid to the Holder of the Exchangeable Seller Certificate pursuant to this subsection 4.08(a)(i)(B) with respect to such Transfer Date shall be paid to the Holder of the Exchangeable Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.04(d). (ii) On the Determination Date in the calendar month following the Monthly Period in which either the Controlled Amortization Period or the Rapid Amortization Period commences, and on each Determination Date thereafter, the Servicer shall instruct the Trustee in writing to distribute, and on the next succeeding Transfer Date the Trustee shall distribute, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period in the following priority: (A) (x) during the Controlled Amortization Period, an amount equal to the lesser of (1) the Available Investor Principal Collections and (2) the Controlled Distribution Amount and (y) during the Rapid Amortization Period, an amount equal to the Available Investor Principal Collections shall be deposited into the Distribution Account; provided, however, that the aggregate amount deposited into the Distribution Account pursuant to this subsection 4.08(a)(ii)(A) shall not exceed the Investor Interest as of the end of the day of the preceding Record Date; (B) an amount equal to the lesser of (x) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections remaining after the application specified in subsection 4.08(a)(ii)(A) above and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall and (y) Available Investor Principal Collections remaining after the application specified in subsection 4.08(a)(ii)(A) above, shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 19931992-3; and (C) an amount equal to the excess, if any, of (x) the Available Investor Principal Collections for such Transfer Date over (y) the applications specified in subsections 4.08(a)(ii)(A) and (B) above shall be paid to the Holder of the Exchangeable Seller Certificate; provided, however, that the amount to be paid to the Holder of the Exchangeable Seller Certificate pursuant to this subsection 4.08(a)(ii)(C) with respect to such Transfer Date shall be paid to the Holder of the Exchangeable Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.04(d).

Reimbursement of Investor Charge Offs. On each Transfer Date, the Trustee, acting in accordance with instructions of the Servicer, shall withdraw from the Finance Charge Account, to the extent funds have been allocated to the Series 1993-3 1 Certificates from Collections processed during the preceding Monthly Period, after giving effect to the withdrawals from the Finance Charge Account pursuant to subsections 4.06(a), (b) and (c), an amount equal to the aggregate amount of Investor Charge Offs, if any, which have not theretofore been reimbursed pursuant to this subsection 4.06(d), which shall during the Rapid Amortization Period be treated as a portion of Investor Principal Collections and deposited into the Principal Account on such Transfer Date. On the date of any such reimbursement, the Investor Interest shall be increased by the amount of such reimbursement of Investor Charge Offs. (g) Section 4.08 of Article IV of the Agreement is hereby amended to read as follows: (i) on each Determination Date with respect to the Revolving Period, the Servicer shall instruct the Trustee in writing to distribute, and on the next succeeding Transfer Date the Trustee shall distribute, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period in the following priority: (A) an amount equal to the lesser of (x) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall and (y) Available Investor Principal Collections shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 1993-31; and (B) an amount equal to the excess, if any, of (x) the Available Investor Principal Collections for such Transfer Date over (y) the applications specified in subsections 4.08(a)(i)(A) above shall be paid to the Holder of the Exchangeable Seller Certificate; provided, however, that the amount to be paid to the Holder of the Exchangeable Seller Certificate pursuant to this subsection 4.08(a)(i)(B) with respect to such Transfer Date shall be paid to the Holder of the Exchangeable Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.04(d). (ii) On the Determination Date in the calendar month following the Monthly Period in which either the Controlled Amortization Period or the Rapid Amortization Period commences, and on each Determination Date thereafter, the Servicer shall instruct the Trustee in writing to distribute, and on the next succeeding Transfer Date the Trustee shall distribute, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period in the following priority: (A) (x) during the Controlled Amortization Period, an amount equal to the lesser of (1) the Available Investor Principal Collections and (2) the Controlled Distribution Amount and (y) during the Rapid Amortization Period, an amount equal to the Available Investor Principal Collections shall be deposited into the Distribution Account; provided, however, that the aggregate amount deposited into the Distribution Account pursuant to this subsection 4.08(a)(ii)(A) shall not exceed the Investor Interest as of the end of the day of the preceding Record Date; (B) an amount equal to the lesser of (x) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections remaining after the application specified in subsection 4.08(a)(ii)(A) above and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall and (y) Available Investor Principal Collections remaining after the application specified in subsection 4.08(a)(ii)(A) above, shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 1993-31; and (C) an amount equal to the excess, if any, of (x) the Available Investor Principal Collections for such Transfer Date over (y) the applications specified in subsections 4.08(a)(ii)(A) and (B) above shall be paid to the Holder of the Exchangeable Seller Certificate; provided, however, that the amount to be paid to the Holder of the Exchangeable Seller Certificate pursuant to this subsection 4.08(a)(ii)(C) with respect to such Transfer Date shall be paid to the Holder of the Exchangeable Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.04(d).

Reimbursement of Investor Charge Offs. On each Transfer Date, the Trustee, acting in accordance with instructions of the Servicer, shall withdraw from the Finance Charge Account, to the extent funds have been allocated to the Series 19931992-3 2 Certificates from Collections processed during the preceding Monthly Period, after giving effect to the withdrawals from the Finance Charge Account pursuant to subsections 4.06(a), (b) and (c), an amount equal to the aggregate amount of Investor Charge Offs, if any, which have not theretofore been reimbursed pursuant to this subsection 4.06(d), which shall during the Rapid Amortization Period be treated as a portion of Investor Principal Collections and deposited into the Principal Account on such Transfer Date. On the date of any such reimbursement, the Investor Interest shall be increased by the amount of such reimbursement of Investor Charge Offs. (g) Section 4.08 of Article IV of the Agreement is hereby amended to read as follows: (i) on each Determination Date with respect to the Revolving Period, the Servicer shall instruct the Trustee in writing to distribute, and on the next succeeding Transfer Date the Trustee shall distribute, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period in the following priority: (A) an amount equal to the lesser of (x) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall and (y) Available Investor Principal Collections shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 19931992-32; and (B) an amount equal to the excess, if any, of (x) the Available Investor Principal Collections for such Transfer Date over (y) the applications specified in subsections 4.08(a)(i)(A) above shall be paid to the Holder of the Exchangeable Seller Certificate; provided, however, that the amount to be paid to the Holder of the Exchangeable Seller Certificate pursuant to this subsection 4.08(a)(i)(B) with respect to such Transfer Date shall be paid to the Holder of the Exchangeable Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.04(d). (ii) On the Determination Date in the calendar month following the Monthly Period in which either the Controlled Amortization Period or the Rapid Amortization Period commences, and on each Determination Date thereafter, the Servicer shall instruct the Trustee in writing to distribute, and on the next succeeding Transfer Date the Trustee shall distribute, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period in the following priority: (A) (x) during the Controlled Amortization Period, an amount equal to the lesser of (1) the Available Investor Principal Collections and (2) the Controlled Distribution Amount and (y) during the Rapid Amortization Period, an amount equal to the Available Investor Principal Collections shall be deposited into the Distribution Account; provided, however, that the aggregate amount deposited into the Distribution Account pursuant to this subsection 4.08(a)(ii)(A) shall not exceed the Investor Interest as of the end of the day of the preceding Record Date; (B) an amount equal to the lesser of (x) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections remaining after the application specified in subsection 4.08(a)(ii)(A) above and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall and (y) Available Investor Principal Collections remaining after the application specified in subsection 4.08(a)(ii)(A) above, shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 19931992-32; and (C) an amount equal to the excess, if any, of (x) the Available Investor Principal Collections for such Transfer Date over (y) the applications specified in subsections 4.08(a)(ii)(A) and (B) above shall be paid to the Holder of the Exchangeable Seller Certificate; provided, however, that the amount to be paid to the Holder of the Exchangeable Seller Certificate pursuant to this subsection 4.08(a)(ii)(C) with respect to such Transfer Date shall be paid to the Holder of the Exchangeable Seller Certificate only if the Seller Interest on such Date of Processing is greater than zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.04(d).