Variable Funding Mechanics Sample Clauses

Variable Funding Mechanics. Section 4.1 Variable Funding Mechanics 17 Section 4.2 Maximum Principal Balances 19 ARTICLE V. RIGHTS OF SERIES 2009-VFN NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS Section 5.1 Collections and Allocations 19 Section 5.2 Determination of Monthly Interest 21 Section 5.3 Determination of Class A Monthly Principal, Class M Monthly Principal and Class B Monthly Principal 23 Section 5.4 Application of Available Finance Charge Collections and Available Principal Collections 25 Section 5.5 Investor Charge-Offs 27 Section 5.6 Reallocated Principal Collections 27 Section 5.7 Excess Finance Charge Collections 28 Section 5.8 Shared Principal Collections 28 Section 5.9 Certain Series Accounts 28 Section 5.10 Cash Collateral Account 29 Section 5.11 Spread Account 31 Section 5.12 Investment Instructions 33 Section 5.13 Determination of LIBOR 33 ARTICLE VI. DELIVERY OF SERIES 2009-VFN NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2009-VFN NOTEHOLDERS Section 6.1 Delivery and Payment for the Series 2009-VFN Notes 34 Section 6.2 Distributions 34 Section 6.3 Reports and Statements to Series 2009-VFN Noteholders 35 ARTICLE VII. SERIES 2009-VFN EARLY AMORTIZATION EVENTS Section 7.1 Series 2009-VFN Early Amortization Events 35 ARTICLE VIII. REDEMPTION OF SERIES 2009-VFN NOTES; SERIES TERMINATION Section 8.1 Optional Redemption of Series 2009-VFN Notes; Final Distributions 38 Section 8.2 Series Termination 39
Sample 1
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Variable Funding Mechanics. Variable Funding Mechanics 19 ARTICLE V. RIGHTS OF SERIES 2009-VFN NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS Section 5.1 Collections and Allocations 22 Section 5.2 Determination of Monthly Interest 25 Section 5.3 Determination of Class A Monthly Principal, Class M Monthly Principal, Class B Monthly Principal and Class C Monthly Principal 28 Section 5.4 Application of Available Finance Charge Collections and Available Principal Collections 29 Section 5.5 Investor Charge-Offs 32 Section 5.6 Reallocated Principal Collections 32 Section 5.7 Excess Finance Charge Collections 32 Section 5.8 Shared Principal Collections 33 Section 5.9 Certain Series Accounts 33 Section 5.10 Cash Collateral Account 34 Section 5.11 Investment Instructions 35 Section 5.12 Determination of LIBOR 35
Sample 1
Variable Funding Mechanics. The Series 2002-VFC Certificates are a Series of Variable Funding Certificates. Consequently: (a) During the Revolving Period, the Seller may, in its discretion, but subject to the satisfaction of the conditions precedent specified in the Certificate Purchase Agreement, request the then existing Ownership Groups to purchase increases in the Class A Invested Amount, so long as after giving effect to such increase and any related increase in the Class C Invested Amount (i) the Class A Invested Amount will not exceed the Maximum Class A Invested Amount and (ii) the Minimum Principal Receivables Balance (calculated on the date of such increase, as if such date were a Determination Date) shall not be less than the amount of Principal Receivables in the Trust on the first day of the Due Period during which such increase occurs. Automatically upon the payment to the Seller of the aggregate purchase price for any such increase in accordance with the terms of the Certificate Purchase Agreement, the Class Initial Investor Interest of the Class A Investor Certificates shall increase by the amount of that increase, and the Class C Initial Investor Interest shall increase by the amount necessary so that the Class C Invested Amount will at least equal the Required Class C Invested Amount after giving effect to the increase in the Class A Invested Amount. Any such increase in the Class A Invested Amount shall be allocated among the Class A Investor Certificates of the existing Ownership Groups as specified by the Seller in its request for such increase in accordance with the terms of the Certificate Purchase Agreement. The Servicer shall notify the Trustee of any increase in the Class A Invested Amount and Class C Invested Amount concurrently with its request to the applicable Conduit Managing Agents relating to such increase, which notice shall specify what portions of the increase in the Class A Invested Amount have been allocated to each Ownership Group. (b) During the Revolving Period, the Seller may, in its discretion, but subject to the terms of the Certificate Purchase Agreement, instruct the Trustee to issue additional investor certificates of Class A (each such additional certificates, the "Additional Certificates") for the Series established hereby in a maximum invested amount and on the date (the "Additional Certificate Date") determined by the Seller. Upon issuance, the Additional Certificates will be identical in all respects (except that the principal amoun...
Sample 1
Variable Funding Mechanics. Class A Incremental Fundings. From time to time during the Revolving Period, prior to the occurrence of the Expiration Date, and in any case, subject to the terms and conditions hereof and of the Class A Certificate Purchase Agreement, the Transferor may request and the Class A Conduit Purchasers may, in their sole discretion, and to the extent that any Class A Conduit Purchaser declines to do so, the related Class A Committed Purchasers will make Class A Incremental Fundings. Upon the occurrence of any Class A Incremental Funding, the Class A Invested Amount, the Floating Allocation Percentage, the Class A Percentage, the Subordinated Transferor Percentage, the Invested Amount and the Class A Funded Amount shall increase as provided herein.
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Variable Funding Mechanics. Section 4.1 Variable Funding Mechanics 18 Section 4.2 Maximum Principal Balances 21
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Variable Funding Mechanics 
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Related to Variable Funding Mechanics

  • Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including these notes) and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series that provide that the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries.

  • Application of Net Liquidation Proceeds For all purposes under this agreement, Net Liquidation Proceeds received from a Servicer shall be allocated first to accrued and unpaid interest on the related Mortgage Loan and then to the unpaid principal balance thereof.

  • VARIABLE INTEREST RATE For the first 60 payments, the interest rate on this loan will be 3.950%. Thereafter, the interest rate on this Note is subject to change from time to time based on changes in an independent index which is the One (1) year Constant Maturity Treasury Rate as published in the Federal Reserve Statistical Release H.15 (the "Index"). The Index is not necessarily the lowest rate charged by Lender on its loans. If Lender determines, in its sole discretion, that the Index for this Note has become unavailable or unreliable, either temporarily, indefinitely, or permanently, during the term of this Note, Lender may amend this Note by designating a substantially similar substitute index. Lender may also amend and adjust any margin corresponding to the Index being substituted to accompany the substitute index. Margins corresponding to the Index are described in the "Payments" section. The change to the margin may be a positive or negative value, or zero. In making these amendments, Lender may take into consideration any then-prevailing market convention for selecting a substitute index and margin for the specific Index that is unavailable or unreliable. Such an amendment to the terms of this Note will become effective and bind Borrower 10 business days after Xxxxxx gives written notice to Borrower without any action or consent of the Borrower. Lender will tell Borrower the current Index rate upon Xxxxxxxx's request. The interest rate change will not occur more often than each twelve (12) months. Borrower understands that Lender may make loans based on other rates as well. The interest rate or rates to be applied to the unpaid principal balance during this Note will be the rate or rates set forth herein in the "Payment" section. Notwithstanding any other provision of this Note, after the first payment stream, the interest rate for each subsequent payment stream will be effective as of the due date of the last payment in the just-ending payment stream. NOTICE: Under no circumstances will the interest rate on this Note be less than 3.950% per annum or more than the maximum rate allowed by applicable law. Notwithstanding the above provisions, the maximum increase or decrease in the interest rate at any one time on this loan will not exceed 2.000 percentage points. The initial fixed rate is not considered in applying this limitation. Whenever increases occur in the interest rate, Lender, at its option, may do one or more of the following: (A) increase Borrower's payments to ensure Borrower's loan will pay off by its original final maturity date, (B) increase Borrower's payments to cover accruing interest, (C) increase the number of Borrower's payments, and (D) continue Borrower's payments at the same amount and increase Borrower's final payment.

  • Unconditional Right of Holders to Receive Principal, Premium and Interest Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

  • Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date), and, if the terms of such Security so provide, to convert such Security in accordance with its terms, and to institute suit for the enforcement of any such payment and, if applicable, any such right to convert, and such rights shall not be impaired without the consent of such Holder.

  • Excess Finance Charge Collections Series 2017-6 shall be an Excess Allocation Series. Subject to Section 4.05 of the Agreement, Excess Finance Charge Collections with respect to the Excess Allocation Series for any Distribution Date will be allocated to Series 2017-6 in an amount equal to the product of (x) the aggregate amount of Excess Finance Charge Collections with respect to all the Excess Allocation Series for such Distribution Date and (y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 2017-6 for such Distribution Date and the denominator of which is the aggregate amount of Finance Charge Shortfalls for all the Excess Allocation Series for such Distribution Date. The “Finance Charge Shortfall” for Series 2017-6 for any Distribution Date will be equal to the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) and subsections 4.07(a) through (j) on such Distribution Date and the full amount required to be paid, without duplication, pursuant to subsections 3.02(a)(iii) and 3.02(a)(iv) of the Transfer Agreement on the related Payment Date (as such term is defined in the Transfer Agreement) over (b) the sum of (i) the Reallocated Investor Finance Charge Collections, (ii) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period or Early Amortization Period, the amount of Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date and (iii) the amount of funds, if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date. The amount of Excess Finance Charge Collections for Series 2017-6 for any Distribution Date shall be specified in subsection 3.02(a)(v) of the Transfer Agreement. On each Distribution Date, the Trustee shall deposit into the Collection Account for application in accordance with Section 4.05 of the Agreement the aggregate amount of Excess Finance Charge Collections received by the Trustee pursuant to the Transfer Agreement on such date.

  • Interest and Principal Payments Holders shall be entitled to receive, and Borrower shall pay, simple interest on the outstanding principal amount of this Note at the annual rate of eight percent (8%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Principal and interest shall be due and payable on the Maturity Date.

  • Principal Payments (a) Borrower must pay Lender the outstanding principal amount of all Warehousing Advances on the Warehousing Maturity Date. (b) Except as otherwise provided in Section 3.1, Borrower may prepay any portion of the Warehousing Advances without premium or penalty at any time. (c) Borrower must pay to Lender, without the necessity of prior demand or Notice from Lender, and Borrower authorizes Lender to cause the Funding Bank to charge Borrower’s Operating Account for, the amount of any outstanding Warehousing Advance against a specific Pledged Asset upon the earliest occurrence of any of the following events: (1) One (1) Business Day elapses from the date a Warehousing Advance was made if the Pledged Loan to be funded by that Warehousing Advance is not closed and funded. (2) Ten (10) Business Days elapse without the return of a Collateral Document delivered by Lender to Borrower under a Trust Receipt for correction or completion. (3) On the date on which a Pledged Loan is determined to have been originated based on untrue, incomplete or inaccurate information or otherwise to be subject to fraud, whether or not Borrower had knowledge of the misrepresentation, incomplete or incorrect information or fraud, on the date on which Borrower knows, has reason to know, or receives Notice from Lender, that (A) one or more of the representations and warranties set forth in Article 9 were inaccurate or incomplete in any material respect on any date when made or deemed made, or (B) Borrower has failed to perform or comply with any covenant, term or condition set forth in Article 9. (4) On the date the Pledged Loan or a Lien prior to the Mortgage securing repayment of the Pledged Loan is defaulted and remains in default for a period of 60 days or more. (5) Upon the sale, other disposition or prepayment of any Pledged Asset or, with respect to a Pledged Loan included in an Eligible Mortgage Pool, upon the sale or other disposition of the related Agency Security. (6) One (1) Business Day immediately preceding the date scheduled for the foreclosure or trustee sale of the premises securing a Pledged Loan. (7) If the outstanding Warehousing Advances against Pledged Loans of a specific type of Eligible Loan exceed the aggregate Purchase Commitments for that type of Eligible Loan.

  • Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls In the event that any Mortgage Loan is the subject of a Prepayment Interest Shortfall, the Servicer shall, from amounts in respect of the Servicing Fee for such Distribution Date, deposit into the Collection Account, as a reduction of the Servicing Fee for such Distribution Date, no later than the Servicer Remittance Date immediately preceding such Distribution Date, an amount up to the Prepayment Interest Shortfall; provided that the amount so deposited shall not exceed the Compensating Interest for such Distribution Date. In case of such deposit, the Servicer shall not be entitled to any recovery or reimbursement from the Depositor, the Trustee, the Issuing Entity or the Certificateholders. With respect to any Distribution Date, to the extent that the Prepayment Interest Shortfall exceeds Compensating Interest (such excess, a "Non-Supported Interest Shortfall"), such Non-Supported Interest Shortfall shall reduce the Current Interest with respect to each Class of Certificates, pro rata based upon the amount of interest each such Class would otherwise be entitled to receive on such Distribution Date. Notwithstanding the foregoing, there shall be no reduction of the Servicing Fee in connection with Prepayment Interest Shortfalls related to the Relief Act or bankruptcy proceedings and the Servicer shall not be obligated to pay Compensating Interest with respect to Prepayment Interest Shortfalls related to the Relief Act or bankruptcy proceedings.

  • Principal Payment The Borrower shall fail to pay any principal of any Note when the same becomes due and payable as set forth in this Agreement;

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