Rights of Certificateholders and Allocation and Application of Collections. Section 4.01 Rights of Certificateholders. Each Series of Investor Certificates shall represent Undivided Interests in the Trust, including the benefits of any Enhancement issued with respect to such Series and the right to receive the Collections and other amounts at the times and in the amounts specified in this Article IV to be deposited in the Investor Accounts or to be paid to the Investor Certificateholders of such Series; provided, however, that the aggregate interest represented by such Certificates at any time in the Principal Receivables shall not exceed an amount equal to the Invested Amount at such time. The Exchangeable Transferor Certificate or, as the case may be, the uncertificated interest in the Transferor Interest shall represent the remaining undivided interest in the Trust, including the right to receive the Collections and other amounts at the times and in the amounts specified in this Article IV to be paid to the Holder of the Exchangeable Transferor Certificate; provided, however, that if the Transferor elects to have its interest in the Transferor Interest be uncertificated as provided in Section 6.01, then such uncertificated interest shall represent the Transferor Interest; provided, further, that the aggregate interest represented by such Exchangeable Transferor Certificate in the Principal Receivables or, as the case may be, the aggregate uncertificated interest of the Transferor in the Principal Receivables, shall not exceed the Transferor Interest at any time and such Exchangeable Transferor Certificate or, as the case may be, such uncertificated interest shall not represent any interest in the Investor Accounts, except as provided in this Agreement, or the benefits of any Enhancement issued with respect to any Series.
Rights of Certificateholders and Allocation and Application of Collections. Section 4.01 Establishment of Collection Account and Special Funding Account and Allocations with Respect to the Exchangeable Transferor's Certificates.
(a) The Collection Account. The Trustee, for the benefit of the Certificateholders, shall establish and maintain or cause to be established and maintained in the name of the Trustee, on behalf of the Trust, with an Eligible Institution a segregated account (the "Collection Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Collection Account and in all proceeds thereof. The Collection Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Certificateholders. If, at any time, the institution holding the Collection Account ceases to be an Eligible Institution, the Trustee (or the Servicer on its behalf) shall within five Business Days establish a new Collection Account meeting the conditions specified above with an Eligible Institution, transfer any cash and/or any investments to such new Collection Account and from the date such new Collection Account is established, it shall be the Collection Account. Pursuant to the authority granted to the Servicer in subsection 3.01(b), the Servicer shall have the power, revocable by the Trustee, to make withdrawals and payments from the Collection Account and to instruct the Trustee to make withdrawals and payments from the Collection Account for the purposes of carrying out the Servicer's or Trustee's duties hereunder. Each Series of Investor Certificates shall represent interests in the Trust, including the benefits of any Enhancement to be provided by an Enhancement Provider issued with respect to such Series as indicated in the Supplement relating to such Series and the right to receive Collections and other amounts at the times and in the amounts specified in this Article IV to be deposited in the Collection Account and any other accounts maintained for the benefit of the Certificateholders or paid to the Investor Certificateholders. The Exchangeable Transferor Certificates shall represent the interest in the Trust not represented by any Series of Investor Certificates then outstanding, including the right to receive Collections and other amounts at the times and in the amounts specified in this Article IV to be paid to the Transfer...
Rights of Certificateholders and Allocation and Application of Collections. Section 4.1 Rights of Certificateholders. The Investor Certificates shall represent undivided interests in the Trust, which, with respect to each Series, shall consist of the right to receive, to the extent necessary to make the required payments with respect to the Investor Certificates of such Series at the times and in the amounts specified in the related Supplement, the portion of Collections allocable to Investor Certificateholders of such Series pursuant to this Agreement and such Supplement, funds on deposit in the Collection Account and the Special Funding Account allocable to Certificateholders of such Series pursuant to this Agreement and such Supplement, funds on deposit in any related Series Account and funds available pursuant to any related Series Enhancement (collectively, with respect to all Series, the "Certificateholders' Interest"), it being understood that, except as specifically set forth in the Supplement with respect thereto, the Investor Certificates of any Series or Class shall not represent any interest in any Series Account or Series Enhancement for the benefit of any other Series or Class. The Transferor Certificates shall represent the ownership interest in the Trust Assets not allocated pursuant to this Agreement or any Supplement to the Certificateholders' Interest, and the right to receive Collections with respect to the Receivables and other amounts at the times and in the amounts specified in any Supplement to be paid to the Transferor on behalf of all Holders of the Transferor Certificates (the "Transferor's Interest"); provided, however, that the Transferor Certificates shall not represent any interest in the Collection Account, any Series Account or any Series Enhancement, except as specifically provided in this Agreement or any Supplement.
Rights of Certificateholders and Allocation and Application of Collections. Rights of the Series 2004-CC Certificateholder. The Series 2004- CC Certificate shall represent an undivided interest in the Trust, consisting of the right to receive, to the extent necessary to make the required payments with respect to the Series 2004-CC Certificate, at the times and in the amounts specified in this Agreement, (a) the Floating Allocation Percentage and Principal Allocation Percentage (as applicable from time to time) of Collections received with respect to the Receivables and (b) funds on deposit in the Collection Account, the Finance Charge Account and the Principal Account, the Excess Funding Account and the Distribution Account allocable to the Series 2004-CC Certificate (the "Series 2004-CC Certificateholder's Interest"). The Series 2004-CC Certificate shall not represent any interest in the Collection Account, the Finance Charge Account, the Principal Account, the Excess Funding Account or the Distribution Account except as specifically provided in this Article IV.
Rights of Certificateholders and Allocation and Application of Collections. SECTION 4.1 Establishment of Accounts and Allocations with Respect to the Exchangeable Seller Certificate.................. 65 SECTION 4.2 Collection and Allocations............................... 67 -1- TABLE OF CONTENTS ----------------- (continued) PAGE ARTICLE V [ARTICLE V IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]
Rights of Certificateholders and Allocation and Application of Collections. SECTION 4.1 Establishment of Accounts and Allocations with Respect to the ------------------------------------------------------------- Exchangeable Seller Certificate. -------------------------------
(a) The Collection Account. The Servicer, for the benefit of the ---------------------- Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, or cause to be established and maintained, a non-interest bearing segregated trust account (the "Collection Account") bearing a ------------------ designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Certificateholders, with an office or branch located in the State of Connecticut or New York, of (i) the corporate trust department of a Qualified Trust Institution or (ii) a depository institution or trust company (which may include the Servicer, the Trustee or an Affiliate of the Servicer) having corporate trust powers under applicable federal and state laws organized under the laws of the United States of America or any one of the states thereof or the District of Columbia; provided, however, that at all times -------- ------- the certificates of deposit, short-term deposits or commercial paper or the long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such depository institution or trust company shall have a credit rating from Moody's and Standard & Poor's of P-1 and A-1+, respectively, and an equivalent rating from each other Rating Agency, if so rated thereby, in the case of the certificates of deposit, or a rating from Moody's of at least Aa3 and from Standard & Poor's of at least AAA, and an equivalent rating from each other Rating Agency, if so rated thereby, in the case of the long-term unsecured debt obligations and the deposits in whose accounts are insured to the limits provided by law and by the FDIC (each entity referred to in clauses (i) ----------- and (ii) a "Qualified Institution"); provided further, that upon the insolvency ---- --------------------- -------- ------- of the Servicer, the Collection Account shall not be permitted to be maintained with the Servicer. The Supplement for a Series may require the Trustee to establish and maintain a subaccount of the Collection Account for such a Series (such subaccount, a "Collection Subaccount") bearing a designation clearly ------------...
Rights of Certificateholders and Allocation and Application of Collections. Rights of Certificateholders and the Collateral Interest Holder. The Investor Certificates shall represent undivided interests in the Trust, consisting of the right to receive, to the extent necessary to make the required payments with respect to such Investor Certificates at the times and in the amounts specified in this Agreement, (a) the Floating Investor Percentage and Fixed Investor Percentage (as applicable from time to time) of Collections received with respect to the Receivables and (b) funds on deposit in the Collection Account, the Finance Charge Account, the Principal Account, the Principal Funding Account, the Reserve Account and the Distribution Account. The Collateral Interest shall be subordinate to the Class A Certificates and the Class B Certificates. The Class B Certificates shall be subordinate to the Class A Certificates. The Seller Certificate shall not represent any interest in the Collection Account, the Finance Charge Account, the Principal Account, the Principal Funding Account, the Reserve Account or the Distribution Account, except as specifically provided in this Article IV.
Rights of Certificateholders and Allocation and Application of Collections. 1A RIGHTS OF INVESTOR CERTIFICATEHOLDERS. The Collateral Certificates shall represent undivided interests in the Trust, consisting of the right to receive (a) the related Allocation Percentage (as defined in the related Indenture Supplement) of Collections, (b) funds on deposit in the Collection Account and the Excess Funding Account allocable to the Collateral Certificates and funds on deposit in the Series Accounts, (c) Shared Principal Collections allocated to the Collateral Certificates in accordance with SUBSECTION 4.4, (d) Excess Finance Charge Collections allocated to the Collateral Certificates in accordance with SECTION 4.5 and (e) any related Enhancement for the Collateral Certificates and related Note Series. Unless otherwise specified in the related Indenture Supplement, each Collateral Series shall consist of a single Class and shall not be senior or subordinated to any other Series. The Transferor Interest shall not represent any interest in the Collection Account or any Series Accounts, except as specifically provided in this Article IV and the related Indenture Supplement.
Rights of Certificateholders and Allocation and Application of Collections. Rights of Series 1999-X Certificateholders. The ------------------------------------------- Investor Certificates of Series 1999-X shall represent fractional Undivided Interests in the Trust, consisting of the right to receive, to the extent necessary to make the required payments with respect to such Investor Certificates at the times and in the amounts specified in this Agreement, (a) the related Invested Percentage of Collections received with respect to the Receivables (including the Interchange Amount allocable to the Series 1999-X Certificateholders), (b) funds on deposit in the Collection Account, (c) funds on deposit in the Cash Collateral Account, (d) funds on deposit in the Principal Funding Account and (e) funds on deposit in the Reserve Account (collectively, the "Series 1999-X Certificateholders' Interest"). The Exchangeable Seller's Certificate and any other Series of investor certificates outstanding shall represent fractional Undivided Interests in the Trust Assets not allocated pursuant to this Agreement to the Series 1999-X Certificateholders' Interest, including the right to receive Collections with respect to the Receivables and other amounts at the times and in the amounts specified in this Article IV to be paid to the Holder of the Exchangeable Seller's Certificate; provided, however, -------- ------- such interests shall not represent any interest in the Cash Collateral Account, the Principal Funding Account or the Reserve Account or funds on deposit therein.
Rights of Certificateholders and Allocation and Application of Collections. Section 4.1 Rights of Certificateholders. Each Series of Investor Certificates shall represent Undivided Interests in the Trust, including the benefits of any Letter of Credit issued with respect to such Series and the right to receive the Collections and other amounts at the times and in the amounts specified in this Article IV to be deposited in Investor Accounts for the account of such Series or paid to the Investor Certificateholders of such Series; provided, however, that the aggregate interest represented by such Certificates at any time in the Principal Receivables shall not exceed an amount equal to the Aggregate Investor Amount at such time. The Exchangeable Certificate shall represent the remaining Undivided Interest in the Trust, including the right to receive the Collections and other amounts at the times and in the amounts specified in this Article IV to be paid to JCPR as Holder of the Exchangeable Certificate, provided, however, that the aggregate interest represented by such Certificate at any time in the Principal Receivables shall not exceed the JCPR Amount at such time and such Certificate shall not represent any interest in the Investor Accounts or the benefits of any Letter of Credit or Repurchase Letter of Credit, except for JCPR's right to receive interest accruing on, and investment earnings in respect of, the Finance Charge Account and Principal Account as provided in this Agreement, right of JCPR or the Holder of the Exchangeable Certificate to receive payments from the Finance Charge Account and Principal Account in accordance with subsections 4.3(c)(iii) and 4.5(e) and, if this Agreement or any Supplement constitutes the grant of a security interest in such property, except for the interest of JCPR in such property as a debtor for purposes of the UCC as in effect in any state where JCPR's or the Servicer's chief executive offices and books and records relating to the Receivables are located.
