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
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Variable Funding Mechanics. Section 4.1 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
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Variable Funding Mechanics. The Series 2002-VFC Certificates are a Series of Variable Funding Certificates. Consequently:
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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.

  • No Default; Delinquency Limitations No Receivable is a non-performing Receivable or has a payment that is more than 90 days overdue as of the Cutoff Date and, except for a payment default continuing for a period of not more than 90 days, no default, breach, violation or event permitting acceleration under the terms of any Receivable has occurred and is continuing; and no continuing condition (other than a payment default continuing for a period of not more than 90 days) that with notice or the lapse of time would constitute such a default, breach, violation or event permitting acceleration under the terms of any Receivable has arisen; and CNHICA has not waived any of the foregoing. Receivables that are considered “delinquent” (as defined in Item 1101(d) of Regulation AB) constitute less than 20% of the aggregate Statistical Contract Value of all of the Trust’s Receivables as of the Cutoff Date.

  • 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.

  • Excess Spread; Excess Finance Charge Collections The Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee, on each Distribution Date, Excess Spread and Excess Finance Charge Collections allocated to Series 1997-1 with respect to the related Monthly Period, to make the following distributions or deposits in the following order of priority:

  • Subordination Agent Required; Eligibility There shall at all times be a Subordination Agent hereunder which shall be a corporation organized and doing business under the laws of the United States of America or of any State or the District of Columbia having a combined capital and surplus of at least $100,000,000 (or the obligations of which, whether now in existence or hereafter incurred, are fully and unconditionally guaranteed by a corporation organized and doing business under the laws of the United States of America, any State thereof or of the District of Columbia and having a combined capital and surplus of at least $100,000,000), if there is such an institution willing and able to perform the duties of the Subordination Agent hereunder upon reasonable or customary terms. Such corporation shall be a citizen of the United States and shall be authorized under the laws of the United States or any State thereof or of the District of Columbia to exercise corporate trust powers and shall be subject to supervision or examination by federal, state or District of Columbia authorities. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of any of the aforesaid supervising or examining authorities, then, for the purposes of this Section 6.9, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Subordination Agent shall cease to be eligible in accordance with the provisions of this Section, the Subordination Agent shall resign immediately in the manner and with the effect specified in Section 8.1.

  • Obligation of the Master Servicer in Respect of Prepayment Interest Shortfalls In the event of any Prepayment Interest Shortfalls, the Master Servicer shall deposit into the Distribution Account not later than the related Distribution Date an amount equal to the lesser of (i) the aggregate amounts required to be paid by the Servicer with respect to Prepayment Interest Shortfalls attributable to Principal Prepayments in full on the Mortgage Loans for the related Distribution Date, and not so paid by the Servicer and (ii) the aggregate amount of the compensation payable to the Master Servicer for such Distribution Date in accordance with Section 4.13, without reimbursement therefor.

  • 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.

  • Designation of Collection Agent 26 Section 6.2. Duties of Collection Agent..................................26 Section 6.3. Collection Notices..........................................27 Section 6.4. Responsibilities of the Seller..............................28 Section 6.5. Reports.....................................................28

  • 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.

  • Obligations of the Master Servicer in Respect of Prepayment Interest Shortfalls The Master Servicer shall deliver to the Trustee for deposit into the Distribution Account on or before 3:00 p.m. New York time on the Master Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls for the related Distribution Date resulting solely from Principal Prepayments during the related Prepayment Period and (ii) the amount of its aggregate Servicing Fee for the most recently ended calendar month.

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