Common use of Unpaid Class C Interest Clause in Contracts

Unpaid Class C Interest. On each Business Day, the Trustee, acting in accordance with the instructions from the Servicer, shall withdraw from the Collection Account and deposit in the Interest Funding Account for distribution to the Class C Certificateholders on the next Distribution Date, to the extent of any Available Series 1997-2 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (viii) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 1997-2 Finance Charge Collections and (y) the sum of (1) the amount of interest which has accrued with respect to the Class C Outstanding Principal Amount at the Class C Certificate Rate but which has not been deposited into the Interest Funding Account or paid to the Class C Certificateholders and (2) any additional interest (to the extent permitted by applicable law) at the Class C Certificate Rate for interest that has accrued on interest that was due during a prior Monthly Period pursuant to this subsection but was not deposited in the Interest Funding Account or paid to the Class C Certificateholders.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Metris Receivables Inc), Pooling and Servicing Agreement (Metris Receivables Inc)

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Unpaid Class C Interest. On each Business Day, the Trustee, acting in accordance with the instructions from the Servicer, shall withdraw from the Collection Account and deposit in the Interest Funding Account for distribution to the Class C Certificateholders on the next Distribution Date, to the extent of any Available Series 19971995-2 Finance Charge 1 Interest Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (viii) of the Agreement), an amount equal to the lesser of (x) any such remaining Available Series 19971995-2 Finance Charge 1 Interest Collections and (y) the sum of (1) the amount of interest which has accrued with respect to the outstanding aggregate principal amount of the Class C Outstanding Principal Amount Certificates at the Class C Certificate Rate but which has not been deposited into the Interest Funding Account or paid to the Class C Certificateholders and (2) any additional interest (to the extent permitted by applicable law) at the Class C Certificate Rate for interest that has accrued on interest that was due during a prior Monthly Period pursuant to this subsection but was not deposited in the Interest Funding Account or paid to the Class C Certificateholders.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp)

Unpaid Class C Interest. On each Business Day, the Trustee, acting in accordance with the instructions from the Servicer, shall withdraw from the Collection Account and deposit in the Interest Funding Account for distribution to the Class C Certificateholders on the next Distribution Date, to the extent of any Series Available Series 1997-2 Finance Charge Interest Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (viii) of the Agreementx), an amount equal to the lesser of (x) any x)any such remaining Series Available Series 1997-2 Finance Charge Interest Collections and (y) the y)the sum of (1) the 1)the amount of interest which has accrued with respect to the outstanding aggregate principal amount of the Class C Outstanding Principal Amount Certificates at the Class C Certificate Rate but which has not been deposited into the Interest Funding Account or paid with respect to the Class C Certificateholders and (2) any 2)any additional interest (to the extent permitted by applicable law) at the Class C Certificate Rate for interest that has accrued on interest that was due during a prior Monthly Period pursuant to this subsection but was not deposited in the Interest Funding Account or paid to the Class C Certificateholders.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Green Tree Floorplan Recievables Master Trust)

Unpaid Class C Interest. On each Business Day, the Trustee, acting in accordance with the instructions from the Servicer, shall withdraw from the Collection Account and deposit in the Interest Funding Account for distribution to the Class C Certificateholders on the next Distribution Date, to the extent of any Available Series 1997-2 1 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (viii) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Avail- able Series 1997-2 1 Finance Charge Collections and (y) the sum of (1) the amount of interest which has accrued with respect to the Class C Outstanding Principal Amount at the Class C Certificate Rate but which has not been deposited into the Interest Funding Account or paid to the Class C Certificateholders Certificate- holders and (2) any additional interest (to the extent permitted by applicable law) at the Class C Certificate Rate for interest that has accrued on interest that was due during a prior Monthly Period pursuant to this subsection but was not deposited in the Interest Funding Account or paid to the Class C Certificateholders.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Metris Master Trust)

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Unpaid Class C Interest. On each Business Day, the Trustee, acting in accordance with the instructions from the Servicer, shall withdraw from the Collection Account and deposit in the Interest Funding Account for distribution to the Class C Certificateholders on the next Distribution Date, to the extent of any Available Series 19971995-2 1 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (viii) of the Agreementvii), an amount equal to the lesser of (x) any such remaining Available Series 19971995-2 1 Finance Charge Collections and (y) the sum of (1) the amount of interest which has accrued with respect to the outstanding aggregate principal amount of the Class C Outstanding Principal Amount Certificates at the Class C Certificate Rate but which has not been deposited into the Interest Funding Account or paid to the Class C Certificateholders and (2) any additional interest (to the extent permitted by applicable law) at the Class C Certificate Rate for interest that has accrued on interest that was due during a prior Monthly Period pursuant to this subsection but was not deposited in the Interest Funding Account or paid to the Class C Certificateholders.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Apparel Retailers Inc)

Unpaid Class C Interest. On each Business Day, the Trustee, acting in accordance with the instructions from the Servicer, shall withdraw from the Collection Account and deposit in the Interest Funding Account for distribution to the Class C Certificateholders on the next Distribution Date, to the extent of any Available Series 1997-2 1 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (viii) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 1997-2 1 Finance Charge Collections and (y) the sum of (1) the amount of interest which has accrued with respect to the Class C Outstanding Principal Amount at the Class C Certificate Rate but which has not been deposited into the Interest Funding Account or paid to the Class C Certificateholders and (2) any additional interest (to the extent permitted by applicable law) at the Class C Certificate Rate for interest that has accrued on interest that was due during a prior Monthly Period pursuant to this subsection but was not deposited in the Interest Funding Account or paid to the Class C Certificateholders.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Metris Companies Inc)

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