Unallocated Principal Collections; Excess Funding Account. On each --------------------------------------------------------- Business Day, Shared Principal Collections shall be allocated to outstanding Series pro rata based on the Principal Shortfall, if any, for each such Series. The Servicer shall pay any remaining Shared Principal Collections on such Business Day to the Holder of the Exchangeable Seller Certificate; provided that -------- to the extent that the Seller Interest as determined on such Business Day does not exceed the Minimum Seller Interest, such Shared Principal Collections shall be deposited in the Excess Funding Account, or, on and after the first day of the Amortization Period with respect to any Series, such Shared Principal Collections shall be deposited in the principal account, principal funding account or distribution account of such Series as and to the extent specified in the related Supplement until the principal funding account of such Series (as applicable) has been funded in full with respect to each Class of such Series or the Holders of the Investor Certificates of such Series have been paid in full; provided, further, that if an Amortization Period has commenced and is -------- ------- continuing with respect to more than one outstanding Series, such Shared Principal Collections shall be allocated to such Series pro rata based on the Investor Percentage for Principal Receivables applicable for such Series.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust), Pooling and Servicing Agreement (Peoples Bank), Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust)
Unallocated Principal Collections; Excess Funding Account. On each --------------------------------------------------------- Business Day, Shared Principal Collections shall be allocated to outstanding Series pro rata based on the Principal Shortfall, if any, for each such Series. The Servicer shall pay any remaining Shared Principal Collections on such Business Day to the Holder holder of the Exchangeable Seller Certificate; provided that -------- to the extent that the Seller Interest as determined on such Business Day does not exceed the Minimum Seller Interest, such Shared Principal Collections shall be deposited in the Excess Funding Account, or, on and after the first day of the Amortization Period with respect to any Series, such Shared Principal Collections shall be deposited in the principal account, principal funding account or distribution account of such Series as and to the extent specified in the related Supplement until the principal funding account of such Series (as applicable) has been funded in full with respect to each Class of such Series or the Holders of the Investor Certificates of such Series have been paid in full; provided, further, that if -------- ------- an Amortization Period has commenced and is -------- ------- continuing with respect to more than one outstanding Series, such Shared Principal Collections shall be allocated to such Series pro rata based on the Investor Percentage for Principal Receivables applicable for such Series.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust)