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 Interest Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (x), an amount equal to the lesser of (x) any such remaining Series Available Interest Collections and (y) the excess of (1) the sum of the Class C Monthly Interest and Carryover Class C Interest over (2) any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. Notwithstanding anything to the contrary herein, the portion of Carryover Class C Interest that constitutes Class C Additional Interest shall be payable or distributable to Class C Certificateholders only to the extent permitted by applicable law.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Greentree Floorplan Funding Corp), Pooling and Servicing Agreement (Greentree Floorplan Funding Corp), Pooling and Servicing Agreement (Greentree Floorplan Funding Corp)
