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EXHIBIT 4.4
FORM OF SERIES SUPPLEMENT
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SERIES 2000-__ SUPPLEMENT
Dated as of __________ __, 2000
to the
AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT
Dated as of June 1, 1995,
as Amended and Restated on July 1, 2000
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NATIONAL CITY CREDIT CARD MASTER TRUST
SERIES 2000-__
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among
NATIONAL CITY BANK
as Seller and Servicer,
and
THE BANK OF NEW YORK,
as Trustee
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TABLE OF CONTENTS
PAGE
ARTICLE I
CREATION OF THE SERIES 2000-__ CERTIFICATES..........................1
SECTION 1.01. Designation...................................................1
ARTICLE II
DEFINITIONS
SECTION 2.01. Definitions...................................................2
ARTICLE III
SERVICER AND TRUSTEE
SECTION 3.01. Servicing Compensation.......................................16
ARTICLE IV
RIGHTS OF SERIES 2000-__ CERTIFICATEHOLDERS
AND ALLOCATION AND APPLICATION OF COLLECTIONS
SECTION 4.01. Collections and Allocations..................................17
SECTION 4.02. Determination of Monthly Interest............................19
SECTION 4.03. Determination of Monthly Principal...........................20
SECTION 4.04. Required Amount..............................................21
SECTION 4.05. Application of Class A Available Funds, Class B
Available Funds and Available Principal Collections..........22
SECTION 4.06. Defaulted Amounts; Investor Charge-Offs......................25
SECTION 4.07. Excess Spread; Excess Finance Charge Collections.............26
SECTION 4.08. Reallocated Principal Collections............................27
SECTION 4.09. Excess Finance Charge Collections............................28
SECTION 4.10. Shared Principal Collections.................................29
SECTION 4.11. Principal Funding Account....................................29
SECTION 4.12. Reserve Account..............................................30
SECTION 4.13. Determination of LIBOR.......................................32
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TABLE OF CONTENTS
(CONTINUED)
PAGE
ARTICLE V
DISTRIBUTIONS AND REPORTS TO SERIES 2000-__
CERTIFICATEHOLDERS
SECTION 5.01. Distributions................................................33
SECTION 5.02. Reports and Statements.......................................34
ARTICLE VI
PAY OUT EVENTS
SECTION 6.01. Additional Pay Out Events....................................35
ARTICLE VII
OPTIONAL REPURCHASE; SERIES TERMINATION
SECTION 7.01. Optional Repurchase..........................................36
SECTION 7.02. Series Termination...........................................36
ARTICLE VIII
FINAL DISTRIBUTIONS
SECTION 8.01. Sale of Receivables or Certificateholders' Interest
pursuant to Section 2.06 or 10.01 of the Agreement
and Section 7.01 or 7.02 of this Supplement..................37
SECTION 8.02. Distribution of Proceeds of Sale, Disposition or
Liquidation of the Receivables pursuant to
Section 9.02 of the Agreement................................38
ARTICLE IX
MISCELLANEOUS PROVISIONS
SECTION 9.01. Ratification of Agreement....................................39
SECTION 9.02. Counterparts.................................................40
SECTION 9.03. Governing Law................................................40
SECTION 9.04. Certain Tax Related Amendments...............................40
SECTION 9.05. Transfers of the Collateral Interest.........................40
SECTION 9.06. Uncertificated Securities....................................41
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EXHIBITS AND SCHEDULES
EXHIBIT A-1 - Form of Class A Certificate
EXHIBIT A-2 - Form of Class B Certificate
EXHIBIT B - Form of Monthly Payment Instructions and Notification
to the Trustee and the Cash Collateral Depositor
EXHIBIT C - Form of Monthly Certificateholders' Statement
EXHIBIT D - Form of Monthly Servicer's Certificate
EXHIBIT E - Form of Investment Letter
SCHEDULE I - Approved Securities Dealers
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THIS SERIES 2000-__ SUPPLEMENT, dated as of __________ __, 2000 (the
"SUPPLEMENT"), is hereby executed by and among NATIONAL CITY BANK, a national
banking association, as Seller and Servicer, and The Bank of New York, a New
York banking corporation, as Trustee.
Pursuant to the Pooling and Servicing Agreement dated as of June 1, 1995,
as amended and restated as of July 1, 2000 (the "AGREEMENT"), among the Seller,
the Servicer and the Trustee, the Seller has created the National City Credit
Card Master Trust (the "TRUST"). SECTION 6.03 of the Agreement provides that the
Seller may from time to time direct the Trustee to authenticate one or more new
Series of Investor Certificates representing fractional undivided interests in
the Trust. The Principal Terms of any new Series are to be set forth in a
Supplement to the Agreement.
Pursuant to this Supplement, the Seller and the Trustee shall create a new
Series of Investor Certificates and specify the Principal Terms thereof.
ARTICLE I
CREATION OF THE SERIES 2000-__ CERTIFICATES
SECTION 1.01. DESIGNATION.
(a) There is hereby created a Series of Investor Certificates to be issued
pursuant to the Agreement and this Supplement to be known as the "National City
Credit Card Master Trust, Series 2000-__." The Series 2000-__ Certificates shall
be issued in two Classes, the first of which shall be known as the "Class A
Floating Rate Asset Backed Certificates, Series 2000-__" and the second of which
shall be known as the "Class B Floating Rate Asset Backed Certificates, Series
2000-__." The Class A Certificates and the Class B Certificates shall be
substantially in the form of EXHIBITS A-1 and A-2 hereto, respectively. In
addition, there is hereby created a third Class of an uncertificated interest in
the Trust which shall be deemed to be an "Investor Certificate" for all purposes
under the Agreement and this Series Supplement, except as expressly provided
herein, and which shall be known as the Collateral Interest, Series 2000-_ (the
"COLLATERAL INTEREST").
(b) Series 2000-__ shall be included in Group One (as defined below).
Series 2000-__ shall not be subordinated to any other Series.
(c) The Collateral Interest Holder, as holder of an "Investor Certificate"
under the Agreement, shall be entitled to the benefits of the Agreement and this
Series Supplement upon payment by the Collateral Interest Holder of amounts
owing on the Closing Date as agreed to by the Seller and the Collateral Interest
Holder. Notwithstanding the foregoing, except as expressly provided herein, (i)
the provisions of ARTICLE VI and ARTICLE XII of the Agreement relating to the
registration, authentication, delivery, presentation, cancellation and surrender
of Registered Certificates and the opinion described in SECTION 6.09(b)(d)(i)
and clauses (a) and (c) of the definition of Tax Opinion in SECTION 1.01 of the
Agreement shall not be applicable to the Collateral Interest, and (ii) the
provisions of SECTION 3.07 of the Agreement shall not apply to cause the
Collateral Interest to be treated as debt for federal, state and local income
and franchise
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tax purposes, but rather the Seller intends and, together with the Collateral
Interest Holder, agrees to treat the Collateral Interest for federal, state and
local income and franchise tax purposes as representing an equity interest in
the assets of the Trust.
(d) Notwithstanding any provision in the Agreement or in this Supplement to
the contrary, the first Distribution Date with respect to Series 2000-__ shall
be the __________ 2000 Distribution Date and the first Monthly Period shall be
the period from the Closing Date until __________ __, 2000.
ARTICLE II
DEFINITIONS
SECTION 2.01. DEFINITIONS.
(a) Whenever used in this Supplement, the following words and phrases shall
have the following meanings, and the definitions of such terms are applicable to
the singular as well as the plural forms of such terms and the masculine as well
as the feminine and neuter genders of such terms.
"ACCUMULATION PERIOD" shall mean, solely for the purposes of determining
the aggregate amount available to be treated as Shared Principal Collections, as
such term is defined in each Supplement relating to Group One, the Controlled
Accumulation Period.
"ACCUMULATION PERIOD FACTOR" shall mean, for each Monthly Period, a
fraction, the numerator of which is equal to the sum of the initial invested
amounts of all outstanding Series, and the denominator of which is equal to the
sum of (a) the Initial Invested Amount, (b) the initial invested amounts of all
outstanding Series (other than Series 2000-_) which are not expected to be in
their revolving periods, and (c) the initial invested amounts of all other
outstanding Series which are not allocating Shared Principal Collections to
other Series and are in their revolving periods; provided, however, that this
definition may be changed at anytime if the Rating Agency Condition is
satisfied.
"ACCUMULATION PERIOD LENGTH" shall have the meaning assigned such term in
SECTION 4.05(g).
"ACCUMULATION SHORTFALL" shall initially mean zero and shall thereafter
mean, with respect to any Monthly Period during the Controlled Accumulation
Period, the excess, if any, of the Controlled Deposit Amount for the previous
Monthly Period over the amount deposited into the Principal Funding Account
pursuant to SECTIONS 4.05(e)(i), 4.05(e)(ii) and 4.05(e)(iii) with respect to
the Class A Certificates, the Class B Certificates and the Collateral Interest,
respectively, for the previous Monthly Period.
"ADDITIONAL INTEREST" shall mean, with respect to any Distribution Date,
the Class A Additional Interest and the Class B Additional Interest for such
Distribution Date.
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"ADJUSTED INVESTED AMOUNT" shall mean, with respect to any date of
determination, an amount equal to the sum of (a) the Class A Adjusted Invested
Amount and (b) the Class B Adjusted Invested Amount and (c) the Collateral
Adjusted Invested Amount.
"ASSIGNEE" shall have the meaning specified in SECTION 9.05(a).
"AVAILABLE PRINCIPAL COLLECTIONS" shall mean, with respect to any Monthly
Period, an amount equal to the sum of (a)(i) an amount equal to the Principal
Allocation Percentage of all Collections in respect of Principal Receivables
received during such Monthly Period minus (ii) the amount of Reallocated
Principal Collections with respect to such Monthly Period which pursuant to
SECTION 4.08 are required to fund the Class A Required Amount and the Class B
Required Amount for the related Distribution Date, (b) any Shared Principal
Collections with respect to other Series that are allocated to Series 2000-__ in
accordance with SECTION 4.04 of the Agreement and SECTION 4.10 hereof, and (c)
any other amounts which pursuant to ARTICLE IV hereof are to be treated as
Available Principal Collections with respect to the related Distribution Date.
"AVAILABLE RESERVE ACCOUNT AMOUNT" shall mean, with respect to any
Distribution Date, the lesser of (a) the amount on deposit in the Reserve
Account on such date (after taking into account any interest and earnings
retained in the Reserve Account pursuant to SECTION 4.12(b) on such date, but
before giving effect to any deposit made or to be made pursuant to SECTION
4.07(i) to the Reserve Account on such date) and (b) the Required Reserve
Account Amount.
"BASE RATE" shall mean, with respect to any Monthly Period, the annualized
percentage equivalent of a fraction, the numerator of which is equal to the sum
of the Class A Monthly Interest, the Class B Monthly Interest, the Collateral
Minimum Monthly Interest and the Monthly Servicing Fee with respect to the
related Distribution Date and the denominator of which is the Invested Amount as
of the last day of the preceding Monthly Period.
"CLASS A ACCOUNT PERCENTAGE" shall mean, with respect to any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the aggregate amount on deposit in the Principal Funding Account with respect
to Class A Monthly Principal as of the Record Date preceding the related
Distribution Date and the denominator of which is the aggregate amount on
deposit in the Principal Funding Account with respect to Class A Monthly
Principal and Class B Monthly Principal as of the Record Date preceding the
related Distribution Date.
"CLASS A ADDITIONAL INTEREST" shall have the meaning specified in SECTION
4.02(a).
"CLASS A ADJUSTED INVESTED AMOUNT" shall mean, with respect to any date of
determination, an amount equal to the Class A Invested Amount minus the funds on
deposit in the Principal Funding Account (in an amount not to exceed the Class A
Invested Amount) on such date of determination.
"CLASS A AVAILABLE FUNDS" shall mean, with respect to any Monthly Period,
an amount equal to the sum of (a) the Class A Floating Percentage of the
Collections of Finance Charge Receivables received during such Monthly Period
(less Servicer Interchange with respect
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to such Monthly Period) and allocated to Series 2000-__ (including any amounts
that are to be treated as Collections of Finance Charge Receivables in
accordance with the Agreement), (b) an amount equal to the product of (i) the
Class A Account Percentage and (ii) the Principal Funding Investment Proceeds,
if any, with respect to the related Distribution Date and (c) amounts, if any,
to be withdrawn from the Reserve Account which will be deposited into the
Collection Account on the related Distribution Date to be treated as Class A
Available Funds pursuant to SECTIONS 4.12(b) and 4.12(d)(i).
"CLASS A CERTIFICATE RATE" shall mean, with respect to the Class A
Certificates, for the period from the Closing Date through __________ __, 2000,
______% per annum, and for the period from __________ __, 2000 through
__________ __, 2000 and for each Interest Period thereafter, a per annum rate of
____% above LIBOR determined on the related LIBOR Determination Date, calculated
on the basis of actual days elapsed and a 360-day year.
"CLASS A CERTIFICATEHOLDER" shall mean the Person in whose name a Class A
Certificate is registered in the Certificate Register.
"CLASS A CERTIFICATES" shall mean any one of the Certificates executed by
the Seller and authenticated by or on behalf of the Trustee, substantially in
the form of EXHIBIT A-1.
"CLASS A FLOATING PERCENTAGE" shall mean, with respect to any Monthly
Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, the numerator of which is equal to the Class A Adjusted Invested
Amount as of the close of business on the last day of the preceding Monthly
Period and the denominator of which is equal to the Adjusted Invested Amount as
of such day; provided, however, that with respect to the first Monthly Period,
the Class A Floating Percentage shall mean the percentage equivalent of a
fraction, the numerator of which is the Class A Initial Invested Amount and the
denominator of which is the Initial Invested Amount.
"CLASS A INITIAL INVESTED AMOUNT" shall mean $___________.
"CLASS A INTEREST SHORTFALL" shall have the meaning specified in SECTION
4.02(a).
"CLASS A INVESTED AMOUNT" shall mean, on any date of determination, an
amount equal to (a) the Class A Initial Invested Amount, minus (b) the aggregate
amount of principal payments made to the Class A Certificateholders on or prior
to such date, minus (c) the excess, if any, of the aggregate amount of Class A
Investor Charge-Offs for all prior Distribution Dates over Class A Investor
Charge-Offs reimbursed pursuant to SECTION 4.06(a) prior to such date; provided,
however, that the Class A Invested Amount may not be reduced below zero.
"CLASS A INVESTOR CHARGE-OFFS" shall have the meaning specified in SECTION
4.06(a).
"CLASS A INVESTOR DEFAULT AMOUNT" shall mean, with respect to each
Distribution Date, an amount equal to the product of (i) the Investor Default
Amount for the related Monthly Period and (ii) the Class A Floating Percentage
for such Monthly Period.
"CLASS A MONTHLY INTEREST" shall have the meaning specified in SECTION
4.02(a).
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"CLASS A MONTHLY PRINCIPAL" shall have the meaning specified in SECTION
4.03(a).
"CLASS A PENALTY RATE" shall mean the sum of the Class A Certificate Rate
and 2.00% per annum.
"CLASS A PRINCIPAL PERCENTAGE" shall mean, with respect to any Monthly
Period (i) during the Revolving Period, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which is the
Class A Adjusted Invested Amount as of the last day of the immediately preceding
Monthly Period and the denominator of which is the Adjusted Invested Amount as
of such day and (ii) during the Controlled Accumulation Period or the Early
Amortization Period, the percentage equivalent (which percentage shall never
exceed 100%) of a fraction, the numerator of which is the Class A Invested
Amount as of the end of the Revolving Period, and the denominator of which is
the Invested Amount as of the end of the Revolving Period; provided, however,
that with respect to the first Monthly Period, the Class A Principal Percentage
shall mean the percentage equivalent of a fraction, the numerator of which is
the Class A Initial Invested Amount and denominator of which is the Initial
Invested Amount.
"CLASS A REQUIRED AMOUNT" shall have the meaning specified in SECTION
4.04(a).
"CLASS A SERVICING FEE" shall have the meaning specified in SECTION 3.01.
"CLASS B ACCOUNT PERCENTAGE" shall mean, with respect to any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the aggregate amount on deposit in the Principal Funding Account with respect
to Class B Monthly Principal as of the Record Date preceding the related
Distribution Date and the denominator of which is the aggregate amount on
deposit in the Principal Funding Account with respect to Class A Monthly
Principal and Class B Monthly Principal as of the Record Date preceding the
related Distribution Date.
"CLASS B ADDITIONAL INTEREST" shall have the meaning specified in SECTION
4.02(b).
"CLASS B ADJUSTED INVESTED AMOUNT" shall mean, with respect to any date of
determination, an amount equal to the Class B Invested Amount minus the excess,
if any, of the Principal Funding Account Balance over the Class A Invested
Amount on such date of determination (such excess not to exceed the Class B
Invested Amount).
"CLASS B AVAILABLE FUNDS" shall mean, with respect to any Monthly Period,
an amount equal to the sum of (a) the Class B Floating Percentage of the
Collections of Finance Charge Receivables received during such Monthly Period
(less Servicer Interchange with respect to such Monthly Period) and allocated to
Series 2000-__ (including any amounts that are to be treated as Collections of
Finance Receivables in accordance with the Agreement), (b) an amount equal to
the product of (i) the Class B Account Percentage and (ii) the Principal Funding
Investment Proceeds, if any, with respect to the related Distribution Date and
(c) amounts, if any, to be withdrawn from the Reserve Account which will be
deposited into the Collection Account on the related Distribution Date to be
treated as Class B Available Funds pursuant to SECTION 4.12(d)(ii).
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"CLASS B CERTIFICATE RATE" shall mean, with respect to the Class B
Certificates, for the period from the Closing Date through __________ __, 2000,
______% per annum, and for the period from __________ __, 2000 through
__________ __, 2000 and for each Interest Period thereafter, a per annum rate of
____% above LIBOR determined on the related LIBOR Determination Date, calculated
on the basis of actual days elapsed and a 360-day year.
"CLASS B CERTIFICATEHOLDER" shall mean the Person in whose name a Class B
Certificate is registered in the Certificate Register.
"CLASS B CERTIFICATES" shall mean any one of the Certificates executed by
the Seller and authenticated by or on behalf of the Trustee, substantially in
the form of EXHIBIT A-2.
"CLASS B FLOATING PERCENTAGE" shall mean, with respect to any Monthly
Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, the numerator of which is equal to the Class B Invested Amount as of
the close of business on the last day of the preceding Monthly Period and the
denominator of which is equal to the Invested Amount as of the close of business
on such day; provided, however, that with respect to the first Monthly Period,
the Class B Floating Percentage shall mean the percentage equivalent of a
fraction, the numerator of which is the Class B Initial Invested Amount and the
denominator of which is the Initial Invested Amount.
"CLASS B INITIAL INVESTED AMOUNT" shall mean $__________.
"CLASS B INTEREST SHORTFALL" shall have the meaning specified in SECTION
4.02(b).
"CLASS B INVESTED AMOUNT" shall mean, on any date of determination, an
amount equal to (a) the Class B Initial Invested Amount, minus (b) the aggregate
amount of principal payments made to the Class B Certificateholders on or prior
to such date, minus (c) the aggregate amount of Class B Investor Charge-Offs for
all prior Distribution Dates, minus (d) the amount of Reallocated Class B
Principal Collections allocated on all prior Distribution Dates pursuant to
SECTION 4.08(a) for which the Collateral Invested Amount has not been reduced,
minus (e) an amount equal to the amount by which the Class B Invested Amount has
been reduced on all prior Distribution Dates pursuant to SECTION 4.06(a) and
plus (f) the amount of Excess Spread and Excess Finance Charge Collections
allocated and available on all prior Distribution Dates pursuant to SECTION
4.07(d) for the purpose of reimbursing amounts deducted pursuant to the
foregoing clauses (c), (d) and (e); provided, however, that the Class B Invested
Amount may not be reduced below zero.
"CLASS B INVESTOR CHARGE-OFFS" shall have the meaning specified in SECTION
4.06(b).
"CLASS B INVESTOR DEFAULT AMOUNT" shall mean, with respect to each
Distribution Date, an amount equal to the product of (i) the Investor Default
Amount for the related Monthly Period and (ii) the Class B Floating Percentage
for such Monthly Period.
"CLASS B MONTHLY INTEREST" shall have the meaning specified in SECTION
4.02(b).
"CLASS B MONTHLY PRINCIPAL" shall have the meaning specified in SECTION
4.03(b).
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"CLASS B PENALTY RATE" shall mean the sum of the Class B Certificate Rate
and 2.00% per annum.
"CLASS B PRINCIPAL COMMENCEMENT DATE" shall mean the earlier to occur of
(i) the Distribution Date on which an amount equal to the Class A Invested
Amount has been deposited in the Principal Funding Account (after taking into
account any deposits to be made on such Distribution Date) and (ii) the
Distribution Date on which the Class A Invested Amount is paid in full.
"CLASS B PRINCIPAL PERCENTAGE" shall mean, with respect to any Monthly
Period (i) during the Revolving Period, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which is the
Class B Invested Amount as of the last day of the immediately preceding Monthly
Period and the denominator of which is the Invested Amount as of such day and
(ii) during the Controlled Accumulation Period or the Early Amortization Period,
the percentage equivalent (which percentage shall never exceed 100%) of a
fraction, the numerator of which is the Class B Invested Amount as of the end of
the Revolving Period, and the denominator of which is the Invested Amount as of
the end of the Revolving Period; provided, however, that with respect to the
first Monthly Period, the Class B Principal Percentage shall mean the percentage
equivalent of a fraction, the numerator of which is the Class B Initial Invested
Amount and the denominator of which is the Initial Invested Amount.
"CLASS B REQUIRED AMOUNT" shall have the meaning specified in SECTION
4.04(b).
"CLASS B SERVICING FEE" shall have the meaning specified in SECTION 3.01.
"CLOSING DATE" shall mean __________ __, 2000.
"COLLATERAL ADJUSTED INVESTED AMOUNT" shall mean, with respect to any date
of determination, an amount equal to the Collateral Invested Amount minus the
excess, if any, of the Principal Funding Account Balance over the sum of the
Class A Invested Amount and the Class B Invested Amount on such date of
determination (such excess not to exceed the Collateral Interest Amount).
"COLLATERAL AVAILABLE FUNDS" shall mean, with respect to any Monthly
Period, an amount equal to the sum of (a) the Collateral Floating Percentage of
the Collections of Finance Charge Receivables received during such Monthly
Period (less Servicer Interchange with respect to such Monthly Period) and
allocated to Series 2000-__ (including any amounts that are to be treated as
Collections of Finance Receivables in accordance with the Agreement).
"COLLATERAL CHARGE-OFFS" shall have the meaning specified in SECTION
4.06(c).
"COLLATERAL DEFAULT AMOUNT" shall mean, with respect to each Distribution
Date, an amount equal to the product of (i) the Investor Default Amount for the
related Monthly Period and (ii) the Collateral Floating Percentage for such
Monthly Period.
"COLLATERAL FLOATING PERCENTAGE" shall mean, with respect to any Monthly
Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, the numerator of which is equal to the Collateral Invested Amount as
of the close of business on the
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last day of the preceding Monthly Period and the denominator of which is equal
to the Invested Amount as of the close of business on such day; provided,
however, that with respect to the first Monthly Period, the Collateral Floating
Percentage shall mean the percentage equivalent of a fraction, the numerator of
which is the Collateral Initial Invested Amount and the denominator of which is
the Initial Invested Amount.
"COLLATERAL INITIAL INVESTED AMOUNT" shall mean $__________.
"COLLATERAL INTEREST" shall mean a fractional undivided interest in the
Trust which shall consist of the right to receive (i) to the extent necessary to
make the required payments to the Collateral Interest Holder under this Series
Supplement, the portion of Collections allocable thereto under the Agreement and
this Series Supplement, funds on deposit in the Collection Account allocable
thereto pursuant to the Agreement and this Series Supplement, and funds on
deposit in the Principal Funding Account or any other Series Account (and any
investment earnings thereon, net of investment expenses and losses, if and to
the extent specifically provided herein) allocable thereto pursuant to the
Agreement and this Series Supplement and (ii) amounts available for payment to
the Collateral Interest Holder pursuant to SECTIONS 4.07(e) and 4.07(j) and
SECTION 4.12.
"COLLATERAL INTEREST HOLDER" shall mean the entity so designated in writing
by the Seller to the Trustee.
"COLLATERAL INVESTED AMOUNT" shall mean, on any date of determination, an
amount equal to (a) the Collateral Initial Invested Amount, minus (b) the
aggregate amount of principal payments made to the Collateral Interest Holder on
or prior to such date, minus (c) the aggregate amount of Collateral Charge-Offs
for all prior Distribution Dates, minus (d) the amount of Reallocated Collateral
Principal Collections allocated on all prior Distribution Dates pursuant to
SECTIONS 4.08(a) and (b), minus (e) an amount equal to the amount by which the
Collateral Invested Amount has been reduced on all prior Distribution Dates
pursuant to SECTIONS 4.06(a) and (b) and plus (f) the amount of Excess Spread
and Excess Finance Charge Collections allocated and available on all prior
Distribution Dates pursuant to SECTION 4.07(h) for the purpose of reimbursing
amounts deducted pursuant to the foregoing clauses (c), (d) and (e); provided,
however, that the Collateral Invested Amount may not be reduced below zero.
"COLLATERAL MINIMUM MONTHLY INTEREST" shall have the meaning specified in
SECTION 4.02(c).
"COLLATERAL MINIMUM RATE" shall mean, for any Interest Period, the rate
specified in the Transfer Agreement; provided, however, that the Collateral
Minimum Rate shall not exceed a rate per annum equal to ____% in excess of
LIBOR, as determined on the related LIBOR Determination Date.
"COLLATERAL MONTHLY PRINCIPAL" shall have the meaning specified in SECTION
4.03(c).
"COLLATERAL PRINCIPAL COMMENCEMENT DATE" shall mean the earlier to occur of
(i) the Distribution Date on which an amount equal to the sum of the Class A
Invested Amount and the Class B Invested Amount has been deposited in the
Principal Funding Account (after taking
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into account any deposits to be made on such Distribution Date) and (ii) the
Distribution Date on which the Class B Invested Amount paid in full.
"COLLATERAL PRINCIPAL PERCENTAGE" shall mean, with respect to any Monthly
Period (i) during the Revolving Period, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which is the
Collateral Invested Amount as of the last day of the immediately preceding
Monthly Period and the denominator of which is the Invested Amount as of such
day and (ii) during the Controlled Accumulation Period or the Early Amortization
Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, the numerator of which is the Collateral Invested Amount as of the
end of the Revolving Period, and the denominator of which is the Invested Amount
as of the end of the Revolving Period; provided, however, that with respect to
the first Monthly Period, the Collateral Principal Percentage shall mean the
percentage equivalent of a fraction, the numerator of which is the Collateral
Initial Invested Amount and the denominator of which is the Initial Invested
Amount.
"COLLATERAL SERVICING FEE" shall have the meaning specified in SECTION
3.01.
"CONTROLLED ACCUMULATION AMOUNT" shall mean for any Transfer Date with
respect to the Controlled Accumulation Period, $_______; provided, however, that
if the Accumulation Period Length is determined to be less than __ months
pursuant to SECTION 4.05(g), the Controlled Accumulation Amount for each
Distribution Date with respect to the Controlled Accumulation Period will be
equal to (i) the product of (x) the Initial Invested Amount and (y) the
Accumulation Period Factor for such Monthly Period divided by (ii) the Required
Accumulation Factor Number.
"CONTROLLED ACCUMULATION PERIOD" shall mean, unless a Pay Out Event shall
have occurred prior thereto, the period commencing at the close of business on
_______ __, ____ or such later date as is determined in accordance with SECTION
4.05(g) and ending on the first to occur of (a) the commencement of the Early
Amortization Period and (b) the Series 2000-_ Termination Date.
"CONTROLLED DEPOSIT AMOUNT" shall mean, with respect to any Distribution
Date, the sum of (a) the Controlled Accumulation Amount for such Distribution
Date and (b) any existing Accumulation Shortfall.
"COVERED AMOUNT" shall mean an amount, determined as of each Distribution
Date with respect to any Interest Period, equal to the sum of (a) the product of
(i) a fraction, the numerator of which is the actual number of days in such
Interest Period and the denominator of which is 360, times (ii) the Class A
Certificate Rate in effect with respect to such Interest Period, times (iii) the
aggregate amount on deposit in the Principal Funding Account with respect to
Class A Monthly Principal as of the Record Date preceding such Distribution
Date, plus (b) the product of (i) a fraction, the numerator of which is the
actual number of days in such Interest Period and the denominator of which is
360, times (ii) the Class B Certificate Rate in effect with respect to such
Interest Period, times (iii) the aggregate amount on deposit in the Principal
Funding Account with respect to Class B Monthly Principal as of the Record Date
preceding such Distribution Date.
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"EARLY AMORTIZATION PERIOD" shall mean the period commencing at the close
of business on the Business Day immediately preceding the day on which a Pay Out
Event with respect to Series 2000-__ is deemed to have occurred, and ending on
the first to occur of (a) the payment in full to the Class A Certificateholders
and the Class B Certificateholders of the Class A Invested Amount and the Class
B Invested Amount, respectively, or (b) the Series Termination Date.
"EXCESS SPREAD" shall mean, with respect to any Distribution Date, the sum
of the amounts, if any, specified pursuant to SECTIONS 4.05(a)(iv), 4.05(b)(iii)
and 4.05(c)(ii) with respect to such Distribution Date.
"FINANCE CHARGE SHORTFALL" shall have the meaning specified in SECTION
4.09.
"FLOATING ALLOCATION PERCENTAGE" shall mean, with respect to any Monthly
Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, the numerator of which is the Adjusted Invested Amount as of the
last day of the preceding Monthly Period and the denominator of which is the
greater of (a) the sum of (i) the total amount of Principal Receivables in the
Trust as of such day and (ii) the principal amount on deposit in the Special
Funding Account as of such day and (b) the sum of the numerators used to
calculate the floating allocation percentages for all Series then outstanding;
provided, however, that with respect to any Monthly Period in which an Addition
Date or a Removal Date occurs the denominator in (a)(i) above shall be the
average of the amounts referred to in the following clauses (A) and (B) weighted
by the number of days in the respective periods referred to in such clauses: (A)
the aggregate amount of Principal Receivables in the Trust at the end of the day
on the last day of the prior Monthly Period for the period from and including
the first day of such Monthly Period to but excluding the related Addition Date
or Removal Date and (B) the aggregate amount of Principal Receivables in the
Trust at the end of the day on the related Addition Date or Removal Date for the
period from and including the related Addition Date or Removal Date to and
including the last day of such Monthly Period.
"GROUP ONE" shall mean Series 2000-__ and each other Series specified in
the related Supplement to be included in Group One.
"HIGHEST INVESTMENT CATEGORY" shall have the meaning specified in SECTION
2.01(b).
"INITIAL INVESTED AMOUNT" shall mean $___________.
"INTEREST PERIOD" shall mean, with respect to any Distribution Date, the
period from and including the Distribution Date immediately preceding such
Distribution Date (or, in the case of the first Distribution Date, from and
including the Closing Date) to but excluding such Distribution Date.
"INVESTED AMOUNT" shall mean, as of any date of determination, an amount
equal to the sum of (a) the Class A Invested Amount as of such date, (b) the
Class B Invested Amount as of such date and (c) the Collateral Invested Amount
as of such date.
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"INVESTOR CHARGE-OFFS" shall mean Class A Investor Charge-Offs, Class B
Investor Charge-Offs and Collateral Charge-Offs.
"INVESTOR DEFAULT AMOUNT" shall mean, with respect to any Distribution
Date, an amount equal to the product of (a) the Defaulted Amount for the related
Monthly Period and (b) the Floating Allocation Percentage for such Monthly
Period.
"INVESTMENT LETTER" shall have the meaning specified in SECTION 9.05(a).
"LIBOR" shall mean, for any Interest Period, the London interbank offered
rate for one-month United States dollar deposits determined by the Trustee for
each Interest Period in accordance with the provisions of SECTION 4.13.
"LIBOR DETERMINATION DATE" shall mean the second London Business Day prior
to the commencement of each Interest Period.
"LONDON BUSINESS DAY" shall mean any day on which dealings in deposits in
United States dollars are transacted in the London interbank market in London
and New York.
"MONTHLY INTEREST" means, with respect to any Distribution Date, the Class
A Monthly Interest, the Class B Monthly Interest and the Collateral Minimum
Monthly Interest for such Distribution Date.
"MONTHLY SERVICING FEE" shall have the meaning specified in SECTION 3.01.
"MONTHLY TOTAL PERCENTAGE ALLOCATION" shall have the meaning specified in
SECTION 4.01(b)(ii).
"NATIONAL CITY" shall mean National City Bank.
"NET SERVICING FEE RATE" shall mean the Servicing Fee Rate less the
Servicer Interchange Percentage.
"PERCENTAGE ALLOCATION" shall have the meaning specified in SECTION
4.01(b)(ii).
"PERMITTED ASSIGNEE" shall mean any Person who, if it were the Collateral
Interest Holder or holder of an interest in the Trust, as applicable, would not
cause the Trust to be taxable as a publicly traded partnership for federal
income tax purposes.
"PORTFOLIO ADJUSTED YIELD" shall mean, with respect to any Transfer Date,
commencing on and including the _______ ____ Transfer Date, the average of the
percentages obtained for each of the three preceding Monthly Periods by
subtracting the Base Rate from the Portfolio Yield for such Monthly Period and
deducting ___% from the result for each Monthly Period.
"PORTFOLIO YIELD" shall mean, with respect to any Monthly Period, the
annualized percentage equivalent of a fraction, the numerator of which is equal
to (a) the Floating Allocation Percentage of Collections of Finance Charge
Receivables (including any amounts that are to be
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treated as Collections of Finance Charge Receivables in accordance with the
Agreement) plus (b) any Excess Finance Charge Collections that are allocated to
Series 2000-__ with respect to such Monthly Period plus (c) the Principal
Funding Investment Proceeds deposited into the Collection Account on the
Distribution Date related to such Monthly Period, plus (d) the amount of the
Reserve Draw Amount (up to the Available Reserve Account Amount) plus any
amounts of interest and earnings described in SECTION 4.12, each deposited into
the Collection Account on the Distribution Date relating to such Monthly Period,
minus (e) the Investor Default Amount for the Distribution Date with respect to
such Monthly Period, and the denominator of which is the Invested Amount as of
the last day of the preceding Monthly Period (or with respect to the first
Monthly Period, the Invested Amount as of the Closing Date).
"PRINCIPAL ALLOCATION PERCENTAGE" shall mean, with respect to any day
during a Monthly Period, the percentage equivalent (which percentage shall never
exceed 100%) of a fraction, the numerator of which is (a) during the Revolving
Period, the Invested Amount as of the last day of the immediately preceding
Monthly Period and (b) during the Controlled Accumulation Period or the Early
Amortization Period, the Invested Amount as of the last day of the Revolving
Period and the denominator of which is the greater of (i) the sum of (A) the
total amount of Principal Receivables in the Trust as of the last day of the
immediately preceding Monthly Period (or, in the case of the First Monthly
Period, the Closing Date) and (B) the principal amount on deposit in the Special
Funding Account as of such last day and (ii) the sum of the numerators used to
calculate the principal allocation percentages for all Series outstanding as of
the date as to which such determination is being made; provided, however, that
with respect to any Monthly Period in which an Addition Date or a Removal Date
occurs the denominator in (i)(A) above shall be the average of the amounts
referred to in the following clauses (1) and (2) weighted by the number of days
in the respective periods referred to in such clauses: (1) the aggregate amount
of Principal Receivables in the Trust at the end of the day on the last day of
the prior Monthly Period for the period from and including the first day of such
Monthly Period to but excluding the related Addition Date or Removal Date and
(2) the aggregate amount of Principal Receivables in the Trust at the end of the
day on the related Addition Date or Removal Date for the period from and
including the related Addition Date or Removal Date to and including the last
day of such Monthly Period; and, provided further, that, if after the
commencement of the Controlled Accumulation Period or the Early Amortization
Period, a Pay Out Event occurs with respect to another Series that was
designated in the Supplement therefor as a Series that is a "Paired Series" with
respect to Series 2000-__, the Seller may, by written notice delivered to the
Trustee and the Servicer, designate a different numerator for the foregoing
fraction, provided that (I) such numerator is not less than the Invested Amount
as of the last day of the Monthly Period preceding such Pay Out Event and (II)
the Seller shall have received written notice that the Rating Agency Condition
has been satisfied with respect to such designation and shall have delivered
copies of each such written notice to the Servicer and the Trustee.
"PRINCIPAL SHORTFALL" shall have the meaning specified in SECTION 4.10.
"PRINCIPAL FUNDING ACCOUNT" shall have the meaning set forth in SECTION
4.11(a).
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"PRINCIPAL FUNDING ACCOUNT BALANCE" shall mean, with respect to any date of
determination, the principal amount, if any, on deposit in the Principal Funding
Account on such date of determination.
"PRINCIPAL FUNDING INVESTMENT PROCEEDS" shall mean, with respect to each
Distribution Date, the investment earnings on funds in the Principal Funding
Account (net of investment expenses and losses) for the period from and
including the immediately preceding Distribution Date to but excluding such
Distribution Date.
"PROSPECTUS" shall mean the prospectus and the prospectus supplement as
filed with the Securities and Exchange Commission under Rule 424(b) of the
Securities Act relating to the Series 2000-_ Certificates.
"REALLOCATED CLASS B PRINCIPAL COLLECTIONS" shall mean, with respect to any
Distribution Date, Collections of Principal Receivables applied in accordance
with SECTION 4.08(a) in an amount not to exceed the product of (a) the Class B
Principal Percentage with respect to the Monthly Period relating to such
Distribution Date and (b) the Principal Allocation Percentage with respect to
the Monthly Period relating to such Distribution Date and (c) the amount of
Collections of Principal Receivables with respect to the Monthly Period relating
to such Distribution Date; provided, however, that such amount shall not exceed
the Class B Invested Amount after giving effect to any Class B Investor
Charge-Offs for such Distribution Date.
"REALLOCATED COLLATERAL PRINCIPAL COLLECTIONS" shall mean, with respect to
any Distribution Date, Collections of Principal Receivables applied in
accordance with SECTIONS 4.08(a) and (b) in an amount not to exceed the product
of (a) the Collateral Principal Percentage with respect to the Monthly Period
relating to such Distribution Date and (b) the Principal Allocation Percentage
with respect to the Monthly Period relating to such Distribution Date and (c)
the amount of Collections of Principal Receivables with respect to the Monthly
Period relating to such Distribution Date; provided, however, that such amount
shall not exceed the Collateral Invested Amount after giving effect to any
Collateral Charge-Offs for such Distribution Date.
"REALLOCATED PRINCIPAL COLLECTIONS" shall mean the sum of (a) Reallocated
Class B Principal Collections and (b) Reallocated Collateral Principal
Collections.
"REASSIGNMENT AMOUNT" shall mean, with respect to any Distribution Date,
after giving effect to any deposits and distributions otherwise to be made on
such Distribution Date, the sum of (i) the Invested Amount on such Distribution
Date, plus (ii) Monthly Interest for such Distribution Date and any Monthly
Interest previously due but not distributed to the Series 2000-__
Certificateholders on a prior Distribution Date, plus (iii) the amount of
Additional Interest, if any, for such Distribution Date and any Additional
Interest previously due but not distributed to the Series 2000-__
Certificateholders on a prior Distribution Date.
"REFERENCE BANKS" shall mean __________________, _____________________,
_____________________ and _______________ or such other major banks in the
London interbank market selected by the Servicer from time to time.
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"REQUIRED ACCUMULATION FACTOR NUMBER" shall be equal to a fraction, rounded
upwards to the nearest whole number, the numerator of which is one and the
denominator of which is equal to the lowest monthly principal payment rate on
the Accounts, expressed as a decimal, for the 12 months preceding the date of
such calculation; provided, however, that this definition may be changed at any
time if the Rating Agency Condition is satisfied.
"REQUIRED RESERVE ACCOUNT AMOUNT" shall mean, with respect to any
Distribution Date on or after the Reserve Account Funding Date, an amount equal
to (a) ___% of the outstanding principal balance of the Class A Certificates or
(b) any other amount designated by the Seller; provided, however, that if such
designation is of a lesser amount, the Seller shall (i) provide the Servicer,
the Collateral Interest Holder and the Trustee with evidence that the Rating
Agency Condition shall have been satisfied and (ii) deliver to the Trustee a
certificate of an authorized officer to the effect that, based on the facts
known to such officer at such time, in the reasonable belief of the Seller, such
designation will not cause a Pay Out Event or an event that, after the giving of
notice or the lapse of time, would cause a Pay Out Event to occur with respect
to Series 2000-_.
"RESERVE ACCOUNT" shall have the meaning specified in SECTION 4.12(a).
"RESERVE ACCOUNT FUNDING DATE" shall mean the Distribution Date which
occurs not later than the earliest of (a) the Distribution Date with respect to
the Monthly Period which commences 3 months prior to the commencement of the
Controlled Accumulation Period; (b) the first Distribution Date for which the
Portfolio Adjusted Yield is less than __%, but in such event the Reserve Account
Funding Date shall not be required to occur earlier than the Distribution Date
with respect to the Monthly Period which commences __ months prior to the
commencement of the Controlled Accumulation Period; (c) the first Distribution
Date for which the Portfolio Adjusted Yield is less than __%, but in such event
the Reserve Account Funding Date shall not be required to occur earlier than the
Distribution Date with respect to the Monthly Period which commences __ months
prior to the commencement of the Controlled Accumulation Period; and (d) the
first Distribution Date for which the Portfolio Adjusted Yield is less than __%,
but in such event the Reserve Account Funding Date shall not be required to
occur earlier than the Distribution Date with respect to the Monthly Period
which commences 4 months prior to the commencement of the Controlled
Accumulation Period.
"RESERVE ACCOUNT SURPLUS" shall mean, as of any Distribution Date following
the Reserve Account Funding Date, the amount, if any, by which the amount on
deposit in the Reserve Account exceeds the Required Reserve Account Amount.
"RESERVE DRAW AMOUNT" shall mean, with respect to each Distribution Date
relating to the Controlled Accumulation Period or the first Distribution Date
relating to the Rapid Amortization Period, the amount, if any, by which the
Principal Funding Investment Proceeds for such Distribution Date are less than
the Covered Amount determined as of such Distribution Date.
"REVOLVING PERIOD" shall mean the period beginning at the close of business
on the Closing Date and ending on the earlier of (a) the close of business on
__________ __, ____
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and (b) the close of business on the day immediately preceding the day the Early
Amortization Period commences.
"SCHEDULED PAYMENT DATE" shall mean the _______ ____ Distribution Date.
"SERIES ENHANCER" shall mean the Cash Collateral Depositor.
"SERIES INVESTED AMOUNT" shall mean the Initial Invested Amount.
"SERIES TERMINATION DATE" shall mean the __________ ____ Distribution Date.
"SERIES 2000-__" shall mean the Series of Investor Certificates the terms
of which are specified in this Supplement.
"SERIES 2000-__ CERTIFICATEHOLDER" shall mean a Class A Certificateholder
or a Class B Certificateholder.
"SERIES 2000-__ CERTIFICATES" shall mean the Class A Certificates and the
Class B Certificates.
"SERVICER INTERCHANGE" means, with respect to any Monthly Period, the
lesser of (a) the Floating Allocation Percentage of Interchange deposited in the
Collection Account during such Monthly Period and (b) the Servicer Interchange
Percentage of the Servicing Base Amount.
"SERVICER INTERCHANGE PERCENTAGE" shall mean 1.00% per annum.
"SERVICING BASE AMOUNT" shall have the meaning specified in SECTION 3.01.
"SERVICING FEE RATE" shall mean 2.00%.
"TELERATE PAGE 3750" shall mean the display page currently so designated on
the Bridge Telerate Market Report (or such other page as may replace that page
on that service for the purpose of displaying comparable rates or prices).
"TRANSFER" shall have the meaning specified in SECTION 9.05(a).
"TRANSFER AGREEMENT" shall mean the agreement among National City and the
Collateral Interest Holder, dated as of the Closing Date, as amended or modified
from time to time, relating to the transfer of the Collateral Interest.
(b) Notwithstanding anything to the contrary in this Supplement or the
Agreement, the term "Rating Agency" shall mean, whenever used in this Supplement
or the Agreement with respect to Series 2000-__, Xxxxx'x and Standard & Poor's.
As used in this Supplement and in the Agreement with respect to Series 2000-__,
"highest investment category" shall mean (i) in the case of Standard & Poor's,
AAA, A-1+, AAAm or AAmG, as applicable, and (ii) in the case of Xxxxx'x, Aaa or
P-1, as applicable.
(c) Each capitalized term defined herein shall relate to the Series 2000-__
Certificates and no other Series of Certificates issued by the Trust. All
capitalized terms used
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herein and not otherwise defined herein have the meanings ascribed to them in
the Agreement. In the event that any term or provision contained herein shall
conflict with or be inconsistent with any term or provision contained in the
Agreement, the terms and provisions of this Supplement shall govern.
(d) The words "hereof," "herein" and "hereunder" and words of similar
import when used in this Supplement shall refer to this Supplement as a whole
and not to any particular provision of this Supplement; references to any
Article, Section or Exhibit are references to Articles, Sections and Exhibits in
or to this Supplement unless otherwise specified; and the term "including" means
"including without limitation."
ARTICLE III
SERVICER AND TRUSTEE
SECTION 3.01. SERVICING COMPENSATION. The share of the Servicing Fee
allocable to Series 2000-__ with respect to any Distribution Date shall be paid
from Servicer Interchange and the Monthly Servicing Fee. The "MONTHLY SERVICING
FEE" shall be equal to one-twelfth of the excess of (x) the product of (a) the
Servicing Fee Rate and (b) (i) the Invested Amount as of the last day of the
Monthly Period preceding such Distribution Date, minus (ii) the product of the
amount, if any, on deposit in the Special Funding Account as of the last day of
the Monthly Period preceding such Distribution Date and the Floating Allocation
Percentage with respect to such Monthly Period (the amount calculated pursuant
to this clause (b) is referred to as the "SERVICING BASE AMOUNT") over (y) the
product of the Servicer Interchange Percentage and the Servicing Base Amount;
provided, however, that with respect to the first Distribution Date, the Monthly
Servicing Fee shall be $_______. The share of the Monthly Servicing Fee
allocable to the Class A Certificateholders with respect to any Distribution
Date (the "CLASS A SERVICING FEE") shall be equal to one-twelfth of the product
of (A) the Class A Floating Percentage, (B) the Net Servicing Fee Rate and (C)
the Servicing Base Amount; provided, however, that with respect to the first
Distribution Date the Class A Servicing Fee shall be $_______. The share of the
Monthly Servicing Fee allocable to the Class B Certificateholders with respect
to any Distribution Date (the "CLASS B SERVICING FEE") shall be equal to
one-twelfth of the product of (1) the Class B Floating Percentage, (2) the Net
Servicing Fee Rate and (3) the Servicing Base Amount; provided, however, that
with respect to the first Distribution Date, the Class B Servicing Fee shall be
$______. The share of the Monthly Servicing Fee allocable to the Collateral
Interest Holder with respect to any Distribution Date (the "COLLATERAL SERVICING
FEE") shall be equal to one-twelfth of the product of (1) the Collateral
Floating Percentage, (2) the Net Servicing Fee Rate and (3) the Servicing Base
Amount; provided, however, that with respect to the first Distribution Date, the
Collateral Servicing Fee shall be $_______. On each Distribution Date, prior to
making any other withdrawals from the Collection Account, the Servicer shall
apply, or shall instruct the Trustee to apply, amounts on deposit in the
Collection Account with respect to the related Monthly Period, up to the amount
of Servicer Interchange for such Monthly Period, to the Servicer in partial
payment of the Series 2000-__ share of the Servicing Fee. The remainder of the
Servicing Fee shall be paid by the Holder of the Seller Certificate or the
Certificateholders of other Series (as provided in the related Supplements) and
in no event shall the Trust, the Trustee, the Series 2000-__ Certificateholders
or the Cash Collateral Depositor be liable for the share of the Servicing Fee to
be paid by the Holder of the Seller Certificate or the
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Certificateholders of any other Series. The (I) Class A Servicing Fee shall be
payable to the Servicer solely to the extent amounts are available for
distribution in respect thereof pursuant to SECTION 4.05(a)(ii), 4.07(a) or
4.08(a), (ii) the Class B Servicing Fee shall be payable solely to the extent
amounts are available for distribution in respect thereof pursuant to SECTION
4.05(b)(ii), 4.07(c) or 4.08(b), and (iii) the Collateral Servicing Fee shall be
payable solely to the extent amounts are available for distribution in respect
thereof pursuant to SECTION 4.05(c)(i) or 4.07(f).
ARTICLE IV
RIGHTS OF SERIES 2000-__ CERTIFICATEHOLDERS
AND ALLOCATION AND APPLICATION OF COLLECTIONS
SECTION 4.01. COLLECTIONS AND ALLOCATIONS. The Servicer will apply, or will
instruct the Trustee to apply, all Collections and other funds on deposit in the
Collection Account that are allocable to Series 2000-__ as follows:
(a) ALLOCATIONS DURING THE REVOLVING PERIOD. During the Revolving Period,
the Servicer shall, prior to the close of business on the day any Collections
are deposited in the Collection Account, allocate to Series 2000-__, the
Certificateholders of other Series or the Holder of the Seller Interest the
following amounts as set forth below:
(i) Allocate to Series 2000-__ and retain in the Collection Account
an amount equal to the product of (A) the Floating Allocation Percentage on
such date and (B) the aggregate amount of Collections processed in respect
of Finance Charge Receivables on such date.
(ii) (A) An amount equal to the Class A Principal Percentage of the
product of (1) the Principal Allocation Percentage on such date and (2) the
aggregate amount of such Collections processed in respect of Principal
Receivables on such date shall be first, if any other Principal Sharing
Series is outstanding and in its Amortization Period or Accumulation
Period, retained in the Collection Account for application, to the extent
necessary, as Shared Principal Collections on the related Distribution
Date, and second paid to the Holder of the Seller Interest; provided,
however, that the amount to be paid to the Holder of the Seller Interest
pursuant to this SECTION 4.01(a)(ii) with respect to any date shall be
paid to the Holder of the Seller Interest only if the Seller Amount on such
date is greater than the Required Seller Amount (after giving effect to the
inclusion in the Trust of all Principal Receivables created on such date),
and, to the extent not so paid, shall be deposited into the Special Funding
Account, and (B) allocate to the Series 2000-__ Certificateholders and
retain in the Collection Account an amount equal to the sum of (x) the
Class B Principal Percentage of the product of (1) the Principal Allocation
Percentage on such date and (2) the aggregate amount of such Collections
processed in respect of Principal Receivables on such date and (y) the
Collateral Principal Percentage of the product of (1) the Principal
Allocation Percentage on such date and (2) the aggregate amount of such
Collections processed in respect of Principal Receivables on such date.
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(b) ALLOCATIONS DURING THE CONTROLLED ACCUMULATION PERIOD. During the
Controlled Accumulation Period, the Servicer shall, prior to the close of
business on the day any Collections are deposited in the Collection Account,
allocate to Series 2000-__, the Certificateholders of other Series or the Holder
of the Seller Interest the following amounts as set forth below:
(i) Allocate to Series 2000-__ and retain in the Collection Account
an amount equal to the product of (A) the Floating Allocation Percentage on
such date and (B) the aggregate amount of Collections processed in respect
of Finance Charge Receivables on such date.
(ii) (A) Allocate to Series 2000-__ and retain in the Collection
Account an amount, if any, equal to the Class A Principal Percentage of the
product of (1) the Principal Allocation Percentage on such date and (2) the
aggregate amount of such Collections processed in respect of Principal
Receivables on such date (for any such date, a "PERCENTAGE ALLOCATION");
provided, however, that if the sum of such Percentage Allocation and all
preceding Percentage Allocations with respect to the same Monthly Period
(the "MONTHLY TOTAL PERCENTAGE ALLOCATION") exceeds the Controlled
Distribution Amount for such Monthly Period, then such excess shall not be
treated as a Percentage Allocation and shall be first, if any other
Principal Sharing Series is outstanding and in its Amortization Period or
Accumulation Period, retained in the Collection Account for application, to
the extent necessary, as Shared Principal Collections on the related
Distribution Date, and second paid to the Holder of the Seller Interest
only if the Seller Amount on such date is greater than the Required Seller
Amount (after giving effect to the inclusion in the Trust of all Principal
Receivables created on such date) and, to the extent not so paid, shall be
deposited into the Special Funding Account, and (B) allocate to the Series
2000-__ Certificateholders and retain in the Collection Account an amount
equal to the sum of (x) the Class B Principal Percentage of the product of
(1) the Principal Allocation Percentage on such date and (2) the aggregate
amount of such Collections processed in respect of Principal Receivables on
such date and (y) the Collateral Principal Percentage of the product of (1)
the Principal Allocation Percentage on such date and (2) the aggregate
amount of such Collections processed in respect of Principal Receivables on
such date.
(c) ALLOCATIONS DURING THE EARLY AMORTIZATION PERIOD. During the Early
Amortization Period, the Servicer shall, prior to the close of business on the
day any Collections are deposited in the Collection Account, allocate to Series
2000-__, the Certificateholders of other series or the Holder of the Seller
Interest the following amounts as set forth below:
(i) Allocate to Series 2000-__ and retain in the Collection Account an
amount equal to the product of (A) the Floating Allocation Percentage on
such date and (B) the aggregate amount of such Collections processed in
respect of Finance Charge Receivables on such date.
(ii) Allocate to Series 2000-__ and retain in the Collection Account
an amount equal to the product of (A) the Principal Allocation Percentage
on such date and (B) the aggregate amount of such Collections processed in
respect of Principal Receivables on
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such date; provided, however, that after the date on which an amount of
such Collections equal to the Invested Amount has been deposited into the
Collection Account and allocated to Series 2000-__, the amount determined
in accordance with this subparagraph (ii) shall be first, if any other
Principal Sharing Series is outstanding and in its Amortization Period or
Accumulation Period, retained in the Collection Account for application, to
the extent necessary, as Shared Principal Collections on the related
Distribution Date, and second paid to the Holder of the Seller Interest
only if the Seller Amount on such date is greater than the Required Seller
Amount (after giving effect to the inclusion in the Trust of all Principal
Receivables created on or prior to such date), and if the Seller Amount
does not exceed the Required Seller Amount on such date, such excess shall
be deposited into the Special Funding Account.
SECTION 4.02. DETERMINATION OF MONTHLY INTEREST.
(a) The amount of monthly interest ("CLASS A MONTHLY INTEREST")
distributable from the Collection Account with respect to the Class A
Certificates on any Distribution Date shall be an amount equal to the product of
(i) (A) a fraction, the numerator of which is the actual number of days in the
related Interest Period and the denominator of which is 360, times (B) the Class
A Certificate Rate and (ii) the outstanding principal amount of the Class A
Certificates as of the close of business on the last day of the preceding
Monthly Period.
On the Determination Date preceding each Distribution Date, the Servicer
shall determine the excess, if any (the "CLASS A INTEREST SHORTFALL"), of (x)
the Class A Monthly Interest for such Distribution Date over (y) the aggregate
amount of funds allocated and available to pay such Class A Monthly Interest on
such Distribution Date (after giving effect to any withdrawal from the Cash
Collateral Account with respect to such Distribution Date). If the Class A
Interest Shortfall with respect to any Distribution Date is greater than zero,
an additional amount ("CLASS A ADDITIONAL INTEREST") equal to the product of (i)
(A) a fraction, the numerator of which is the actual number of days in the
related Interest Period and the denominator of which is 360, times (B) the Class
A Penalty Rate and (ii) such Class A Interest Shortfall (or the portion thereof
which has not been paid to the Class A Certificateholders) shall be payable as
provided herein with respect to the Class A Certificates on each Distribution
Date following such Distribution Date to and including the Distribution Date on
which such Class A Interest Shortfall is paid to the Class A Certificateholders.
Notwithstanding anything to the contrary herein, Class A Additional Interest
shall be payable or distributed to the Class A Certificateholders only to the
extent permitted by applicable law.
(b) The amount of monthly interest ("CLASS B MONTHLY INTEREST")
distributable from the Collection Account with respect to the Class B
Certificates on any Distribution Date shall be an amount equal to the product of
(i) (A) a fraction, the numerator of which is the actual number of days in the
related Interest Period and the denominator of which is 360, times (B) the Class
B Certificate Rate and (ii) the outstanding principal amount of the Class B
Certificates as of the close of business on the last day of the preceding
Monthly Period.
On the Determination Date preceding each Distribution Date, the Servicer
shall determine the excess, if any (the "CLASS B INTEREST SHORTFALL"), of (x)
the Class B Monthly Interest for such Distribution Date over (y) the aggregate
amount of funds allocated and available to pay
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such Class B Monthly Interest on such Distribution Date (after giving effect to
any withdrawal from the Cash Collateral Account with respect to such
Distribution Date). If the Class B Interest Shortfall with respect to any
Distribution Date is greater than zero, an additional amount ("CLASS B
ADDITIONAL INTEREST") equal to the product of (i) (A) a fraction, the numerator
of which is the actual number of days in the related Interest Period and the
denominator of which is 360, times (B) the Class B Penalty Rate and (ii) such
Class B Interest Shortfall (or the portion thereof which has not been paid to
the Class B Certificateholders) shall be payable as provided herein with respect
to the Class B Certificates on each Distribution Date following such
Distribution Date to and including the Distribution Date on which such Class B
Interest Shortfall is paid to the Class B Certificateholders. Notwithstanding
anything to the contrary herein, Class B Additional Interest shall be payable or
distributed to the Class B Certificateholders only to the extent permitted by
applicable law.
(c) The amount of monthly interest ("COLLATERAL MINIMUM MONTHLY INTEREST")
distributable from the Collection Account with respect to the Collateral
Interest on any Distribution Date shall be an amount equal to product of (i)(A)
a fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, times (B) the Collateral
Minimum Rate, and (ii) the Collateral Interest Initial Amount less the aggregate
amount distributed to the Collateral Interest Holder with respect to the
Collateral Monthly Principal for all prior Transfer Dates.
SECTION 4.03. DETERMINATION OF MONTHLY PRINCIPAL.
(a) The amount of monthly principal ("CLASS A MONTHLY PRINCIPAL")
distributable from the Collection Account with respect to the Class A
Certificates on each Distribution Date, beginning with the first to occur of (i)
the first Distribution Date with respect to an Early Amortization Period, if
any, and (ii) the first Distribution Date with respect to the Controlled
Accumulation Period, shall be equal to the least of (A) the Available Principal
Collections on deposit in the Collection Account with respect to such
Distribution Date, (B) for each Distribution Date with respect to the Controlled
Accumulation Period, the Controlled Deposit Amount for such Distribution Date
and (C) the Class A Adjusted Invested Amount on such Distribution Date (without
taking into account any deposit into the Principal Funding Account on the
related Transfer Date).
(b) The amount of monthly principal ("CLASS B MONTHLY PRINCIPAL")
distributable from the Collection Account with respect to the Class B
Certificates on each Distribution Date, beginning with the Class B Principal
Commencement Date, shall be equal to the least of (i) the Available Principal
Collections on deposit in the Collection Account with respect to such
Distribution Date (minus the portion of such Available Principal Collections
applied to Class A Monthly Principal on such Distribution Date), (ii) for each
Distribution Date with respect to the Controlled Accumulation Period, the
Controlled Deposit Amount for such Distribution Date (minus the Class A Monthly
Principal and Class B Monthly Principal with respect to such Distribution Date)
and (iii) the Class B Adjusted Invested Amount on such Distribution Date
(without taking into account any deposit into the Principal Funding Account on
the related Transfer Date).
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(c) The amount of monthly principal ("COLLATERAL MONTHLY PRINCIPAL")
distributable from the Collection Account with respect to the Collateral
Interest on each Distribution Date, beginning with the Collateral Principal
Commencement Date, shall be equal to the least of (i) the Available Principal
Collections on deposit in the Collection Account with respect to such
Distribution Date (minus the portion of such Available Principal Collections
applied to Class A Monthly Principal and Class B Monthly Principal on such
Transfer Date), (ii) for each Distribution Date with respect to the Controlled
Accumulation Period, the Controlled Deposit Amount for such Distribution Date
(minus the Class A Monthly Principal and Class B Monthly Principal with respect
to such Distribution Date) and (iii) the Collateral Interest Adjusted Amount on
such Distribution Date (without taking into account any deposit into the
Principal Funding Account on the related Transfer Date).
SECTION 4.04. REQUIRED AMOUNT.
(a) With respect to each Distribution Date, on the related Determination
Date, the Servicer shall determine the amount (the "CLASS A REQUIRED AMOUNT"),
if any, by which (a) the sum of (i) Class A Monthly Interest for such
Distribution Date, (ii) any Class A Monthly Interest previously due but not paid
to the Class A Certificateholders on a prior Distribution Date, (iii) any Class
A Additional Interest previously due but not paid to the Class A
Certificateholders on a prior Distribution Date, (iv) the Class A Servicing Fee
for such Distribution Date, (v) any Class A Servicing Fee previously due but not
paid to the Servicer, and (vi) the Class A Investor Default Amount, if any, for
such Distribution Date exceeds (b) the Class A Available Funds.
(b) With respect to each Distribution Date, on the related Determination
Date, the Servicer shall also determine the amount (the "CLASS B REQUIRED
AMOUNT"), if any, equal to the sum of (i) the amount, if any, by which the sum
of (A) the Class B Monthly Interest for such Distribution Date, (B) the Class B
Monthly Interest previously due but not paid to the Class B Certificateholders
on a prior Distribution Date, (C) any Class B Additional Interest previously due
but not paid to the Class B Certificateholders on a prior Distribution Date, (D)
the Class B Servicing Fee for such Distribution Date, (E) any Class B Servicing
Fee previously due but not paid to the Servicer, exceeds the Class B Available
Funds, plus (ii) the Class B Investor Default Amount, if any, for the prior
Monthly Period.
(c) If the sum of the Class A Required Amount and the Class B Required
Amount for such Distribution Date is greater than zero, the Servicer shall give
written notice to the Trustee of such positive Class A Required Amount or Class
B Required Amount on the date of computation. In the event that the Class A
Required Amount for such Distribution Date is greater than zero, all or a
portion of the Excess Spread and the Excess Finance Charge Collections allocable
to Series 2000-__ with respect to the related Monthly Period in an amount equal
to the Class A Required Amount for such Distribution Date shall be distributed
from the Collection Account on such Distribution Date pursuant to SECTION
4.07(a). In the event that the Class A Required Amount for such Distribution
Date exceeds the amount of Excess Spread and the amount of Excess Finance Charge
Collections allocable to Series 2000-__ with respect to the related Monthly
Period, all or a portion of the Reallocated Principal Collections with respect
to such Monthly Period in an amount equal to such excess shall be distributed
from the Collection Account on such Distribution Date pursuant to SECTION
4.08(a). In the event that the Class B
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Required Amount for such Distribution Date is greater than zero, the amount of
Excess Spread and Excess Finance Charge Collections available to fund such
amount with respect to the related Monthly Period in an amount equal to the
Class B Required Amount for such Distribution Date shall be distributed from the
Collection Account on such Distribution Date pursuant to SECTION 4.07(c). In the
event that the Class B Required Amount for such Distribution Date exceeds the
amount of Excess Spread and the amount of Excess Finance Charge Collections
available to fund the Class B Required Amount with respect to the related
Monthly Period, all or a portion of the Reallocated Collateral Principal
Collections (minus any Reallocated Collateral Principal Collections applied to
cover the Class A Required Amount) with respect to such Monthly Period in an
amount equal to such excess shall be distributed from the Collection Account on
such Distribution Date pursuant to SECTION 4.08(b); provided, however, that the
sum of any payments pursuant to this paragraph shall not exceed the sum of the
Class A Required Amount and the Class B Required Amount.
SECTION 4.05. APPLICATION OF CLASS A AVAILABLE FUNDS, CLASS B AVAILABLE
FUNDS AND AVAILABLE PRINCIPAL COLLECTIONS. The Servicer shall apply, or shall
cause the Trustee to apply, on each Distribution Date, Class A Available Funds,
Class B Available Funds and Available Principal Collections on deposit in the
Collection Account with respect to such Distribution Date to make the following
distributions:
(a) On each Distribution Date, an amount equal to the Class A Available
Funds with respect to such Distribution Date will be distributed in the
following priority:
(i) an amount equal to Class A Monthly Interest for such Distribution
Date, plus the amount of any Class A Monthly Interest previously due but
not distributed to Class A Certificateholders on a prior Distribution Date,
plus the amount of any Class A Additional Interest for such Distribution
Date and any Class A Additional Interest previously due but not distributed
to Class A Certificateholders on a prior Distribution Date, shall be
distributed to the Paying Agent for payment to the Class A
Certificateholders;
(ii) an amount equal to the Class A Servicing Fee for such
Distribution Date, plus the amount of any Class A Servicing Fee previously
due but not distributed to the Servicer on a prior Distribution Date, shall
be distributed to the Servicer (unless such amount has been netted against
deposits to the Collection Account in accordance with SECTION 4.03 of the
Agreement);
(iii) an amount equal to the Class A Investor Default Amount for such
Distribution Date shall be treated as a portion of Available Principal
Collections for such Distribution Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be
allocated and distributed as set forth in SECTION 4.07.
(b) On each Distribution Date, an amount equal to the Class B Available
Funds with respect to such Distribution Date will be distributed in the
following priority:
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(i) an amount equal to Class B Monthly Interest for such Distribution
Date, plus the amount of any Class B Monthly Interest previously due but
not distributed to Class B Certificateholders on a prior Distribution Date,
plus the amount of any Class B Additional Interest for such Distribution
Date and any Class B Additional Interest previously due but not distributed
to Class B Certificateholders on a prior Distribution Date, shall be
distributed to the Paying Agent for payment to the Class B
Certificateholders;
(ii) an amount equal to the Class B Servicing Fee for such
Distribution Date, plus the amount of any Class B Servicing Fee previously
due but not distributed to the Servicer on a prior Distribution Date, shall
be distributed to the Servicer (unless such amount has been netted against
deposits to the Collection Account in accordance with SECTION 4.03 of the
Agreement); and
(iii) the balance, if any, shall constitute Excess Spread and shall be
allocated and distributed as set forth in SECTION 4.07.
(c) On each Distribution Date, an amount equal to the Collateral Available
Funds with respect to such Distribution Date will be distributed in the
following priority:
(i) if the Seller or The Bank of New York is no longer the Servicer,
an amount equal to the Collateral Servicing Fee for such Distribution Date,
plus the amount of any Collateral Servicing Fee previously due but not
distributed to the Servicer on a prior Distribution Date, shall be
distributed to the Servicer (unless such amount has been netted against
deposits to the Collection Account in accordance with SECTION 4.03 of the
Agreement); and
(ii) the balance, if any, shall constitute Excess Spread and shall be
allocated and distributed as set forth in SECTION 4.07.
(d) On each Distribution Date with respect to the Revolving Period, an
amount equal to the Available Principal Collections deposited in the Collection
Account for the related Monthly Period shall be treated as Shared Principal
Collections and applied in accordance with SECTION 4.04 of the Agreement.
(e) On each Distribution Date with respect to the Controlled Accumulation
Period or an Early Amortization Period, an amount equal to the Available
Principal Collections deposited in the Collection Account for the related
Monthly Period will be distributed in the following priority:
(i) an amount equal to Class A Monthly Principal for such Distribution
Date, shall be (A) during the Controlled Accumulation Period, deposited
into the Principal Funding Account, and (B) during the Early Amortization
Period, distributed to the Paying Agent for payment to the Class A
Certificateholders;
(ii) for each Distribution Date beginning on the Class B Principal
Commencement Date, an amount equal to Class B Monthly Principal for such
Distribution Date, shall be (A) during the Controlled Accumulation Period,
deposited into
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the Principal Funding Account, and (B) during the Early Amortization
Period, distributed to the Paying Agent for payment to the Class B
Certificateholders; and
(iii) for each Distribution Date beginning on the Collateral Principal
Commencement Date, an amount equal to Collateral Monthly Principal for such
Distribution Date, shall be (A) during the Controlled Accumulation Period,
deposited into the Principal Funding Account, and (B) during the Early
Amortization Period, distributed to the Paying Agent for payment to the
Collateral Interest Holder; and
(iv) for each Distribution Date, after giving effect to paragraphs
(i), (ii) and (iii) above, an amount equal to the balance, if any, of such
Available Principal Collections then on deposit in the Collection Account
shall be treated as Shared Principal Collections and applied in accordance
with SECTION 4.04 of the Agreement.
(f) On the earlier to occur of (i) the first Distribution Date with respect
to the Early Amortization Period and (ii) the Scheduled Payment Date, the
Trustee, an equal to the aggregate amount on deposit in the Principal Funding
Account will be distributed in the following priority:
(i) an amount equal to the aggregate amount deposited into the
Principal Funding Account pursuant to SECTION 4.05(e)(i) shall be
distributed to the Paying Agent for payment to the Class A
Certificateholders;
(ii) an amount equal to the aggregate amount deposited into the
Principal Funding Account pursuant to SECTION 4.05(e)(ii) shall be
distributed to the Paying Agent for payment to the Class B
Certificateholders; and
(iii) an amount equal to the aggregate amount deposited into the
Principal Funding Account pursuant to SECTION 4.05(e)(iii) shall be
distributed to the Paying Agent for payment to the Collateral Interest
Holder.
(g) The Controlled Accumulation Period is scheduled to commence at the
close of business on _______ __, ____; provided, however, that, if the
Accumulation Period Length (determined as described below) is less than __
months, the date on which the Controlled Accumulation Period actually commences
will be delayed to the first Business Day of the month that is the number of
whole months prior to the Scheduled Payment Date at least equal to the
Accumulation Period Length and, as a result, the number of Monthly Periods in
the Controlled Accumulation Period will at least equal the Accumulation Period
Length. On the Determination Date immediately preceding the _______ ____
Distribution Date, and each Determination Date thereafter until the Controlled
Accumulation Period begins, the Servicer will determine the "ACCUMULATION PERIOD
LENGTH" which will equal the number of whole months such that the sum of the
Accumulation Period Factors for each month during such period will be equal to
or greater than the Required Accumulation Factor Number; provided, however, that
the Accumulation Period Length will not be determined to be less than one month;
provided further, however, that the determination of the Accumulation Period
Length may be changed at any time if the Rating Agency Condition is satisfied.
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SECTION 4.06. DEFAULTED AMOUNTS; INVESTOR CHARGE-OFFS.
(a) On each Determination Date, the Servicer shall calculate the Class A
Investor Default Amount, if any, for the related Distribution Date. If, on any
Distribution Date, the Class A Required Amount for the related Monthly Period
exceeds the sum of (i) the amount of Reallocated Principal Collections with
respect to such Monthly Period and (ii) the amount of Excess Spread and the
Excess Finance Charge Collections allocable to Series 2000-__ with respect to
such Monthly Period, the Collateral Interest Amount (after giving effect to
reductions for any Collateral Charge-Offs and any Reallocated Principal
Collections on such Distribution Date) will be reduced by the amount of such
excess, but not by more than the lesser of the Class A Investor Default Amount
and the Collateral Interest Amount (after giving effect to reductions for any
Collateral Charge-Offs and any Reallocated Principal Collections on such
Distribution Date) for such Distribution Date. In the event that such reduction
would cause the Collateral Interest Amount to be a negative number, the
Collateral Interest Amount will be reduced to zero, and the Class B Invested
Amount (after giving effect to reductions for any Class B Investor Charge-Offs
and any Reallocated Class B Principal Collections on such Distribution Date)
will be reduced by the amount by which the Collateral Invested Amount would have
been reduced below zero. In the event that such reduction would cause the Class
B Invested Amount to be a negative number, the Class B Invested Amount shall be
reduced to zero and the Class A Invested Amount shall be reduced by the amount
by which the Class B Invested Amount would have been reduced below zero, but not
by more than the excess, if any, of the Class A Investor Default Amount for such
Distribution Date over the aggregate amount of the reductions, if any, of the
Class B Invested Amount and the Collateral Invested Amount for such Distribution
Date (a "CLASS A INVESTOR CHARGE-OFF"). Class A Investor Charge-Offs shall
thereafter be reimbursed and the Class A Invested Amount increased (but not by
an amount in excess of the aggregate unreimbursed Class A Investor Charge-Offs)
on any Distribution Date by the amount of Excess Spread and Excess Finance
Charge Collections allocated and available for that purpose pursuant to SECTION
4.07(b).
(b) On each Determination Date, the Servicer shall calculate the Class B
Investor Default Amount, if any, for the related Distribution Date. If, on any
Distribution Date, the Class B Investor Default Amount for such Distribution
Date exceeds the amount of Excess Spread and Excess Finance Charge Collections
with respect to the related Monthly Period which are allocated and available to
pay such amount pursuant to SECTION 4.07(c), the Collateral Interest Amount
(after giving effect to reductions for any Collateral Charge-Offs and any
Reallocated Principal Collections on such Distribution Date) will be reduced by
the amount of such excess, but not by more than the lesser of the Class B
Investor Default Amount and the Collateral Interest Amount (after giving effect
to reductions for any Collateral Charge-Offs and any Reallocated Principal
Collections on such Distribution Date) for such Distribution Date. In the event
that such reduction would cause the Collateral Interest Amount to be a negative
number, the Collateral Interest Amount will be reduced to zero, and the Class B
Invested Amount (after giving effect to reductions for any Class B Investor
Charge-Offs and any Reallocated Class B Principal Collections on such
Distribution Date) will be reduced by the amount by which the Collateral
Invested Amount would have been reduced below zero, but not by more than the
Class B Investor Default Amount for such Distribution Date (a "CLASS B INVESTOR
CHARGE-OFF"). Class B Investor Charge-Offs shall thereafter be reimbursed and
the Class B Invested Amount increased (but not by an amount in excess of the
aggregate unreimbursed Class B Investor
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Charge-Offs) on any Distribution Date by the amount of Excess Spread and Excess
Finance Charge Collections allocated and available for that purpose pursuant to
SECTION 4.07(d).
(c) On each Determination Date, the Servicer shall calculate the Collateral
Default Amount, if any, for the related Distribution Date. If, on any
Distribution Date, the Collateral Default Amount for such Distribution Date
exceeds the amount of Excess Spread and Excess Finance Charge Collections with
respect to the related Monthly Period which are allocated and available to pay
such amount pursuant to SECTION 4.07(g),the Collateral Invested Amount shall be
reduced by the amount of such excess, but not by more than the Collateral
Default Amount for such Distribution Date (a "COLLATERAL CHARGE-OFF").
Collateral Charge-Offs shall thereafter be reimbursed and the Collateral
Invested Amount increased (but not by an amount in excess of the aggregate
unreimbursed Collateral Charge-Offs) on any Distribution Date by the amount of
Excess Spread and Excess Finance Charge Collections allocated and available for
that purpose pursuant to SECTION 4.07(h).
(d) If on any Distribution Date Reallocated Class B Principal Collections
for such Distribution Date are applied pursuant to SECTION 4.08(a), the Class B
Invested Amount shall be reduced by the amount of such Reallocated Class B
Principal Collections.
(e) If on any Distribution Date Reallocated Collateral Principal
Collections for such Distribution Date are applied pursuant to SECTION 4.08(a)
or SECTION 4.08(b), the Collateral Invested Amount shall be reduced by the
amount of such Reallocated Collateral Principal Collections.
SECTION 4.07. EXCESS SPREAD; EXCESS FINANCE CHARGE COLLECTIONS. The
Servicer shall apply, or shall cause the Trustee to apply, on each Distribution
Date, Excess Spread and Excess Finance Charge Collections allocated to Series
2000-__ with respect to the related Monthly Period, to make the following
distributions in the following order of priority:
(a) an amount equal to the Class A Required Amount, if any, with respect to
such Distribution Date shall be distributed by the Trustee to fund any
deficiency pursuant to SECTIONS 4.05(a)(i), (ii) and (iii); provided, however,
that in the event the Class A Required Amount for such Distribution Date exceeds
the amount of Excess Spread and Excess Finance Charge Collections allocated to
Series 2000-__, such Excess Spread and Excess Finance Charge Collections shall
be applied first to pay amounts due with respect to such Distribution Date
pursuant to SECTION 4.05(a)(i), second to pay the Class A Servicing Fee pursuant
to SECTION 4.05(a)(ii) and third to pay the Class A Investor Default Amount for
such Distribution Date pursuant to SECTION 4.05(a)(iii);
(b) an amount equal to the aggregate amount of Class A Investor Charge-Offs
which have not been previously reimbursed as provided in SECTION 4.06(a) (after
giving effect to the allocation on such Distribution Date of any amount for that
purpose pursuant to SECTION 4.06(a)) shall be treated as a portion of Available
Principal Collections for such Distribution Date;
(c) an amount equal to the Class B Required Amount, if any, with respect to
such Distribution Date shall be distributed by the Trustee to fund any
deficiency pursuant to
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SECTIONS 4.05(b)(i) and (ii) and any Class B Investor Default Amount; provided,
however, that in the event that the Class B Required Amount for such
Distribution Date exceeds the amount of Excess Spread and Excess Finance Charge
Collections allocated and available to fund such amount, such Excess Spread and
Excess Finance Charge Collections shall be applied first to pay amounts due with
respect to such Distribution Date pursuant to SECTION 4.05(b)(i), second to pay
the Class B Servicing Fee pursuant to SECTION 4.05(b)(ii) and third, in an
amount equal to the Class B Investor Default Amount for such Distribution Date,
to be treated as a portion of Available Principal Collections for such
Distribution Date;
(d) an amount equal to the aggregate amount by which the Class B Invested
Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition
of "Class B Invested Amount" in SECTION 2.01 of this Supplement (but not in
excess of the aggregate amount of such reductions which have not been previously
reimbursed) shall be treated as a portion of Available Principal Collections for
such Distribution Date;
(e) an amount equal to the Collateral Minimum Monthly Interest plus the
amount of any past due Collateral Minimum Monthly Interest for such Distribution
Date shall be distributed to the Paying Agent for payment to the Collateral
Interest Holder;
(f) an amount equal to any Collateral Servicing Fees due but not paid to
the Servicer either on such Distribution Date or a prior Distribution Date shall
be paid to the Servicer;
(g) an amount equal to the Collateral Default Amount for such Distribution
Date shall be treated as a portion of Available Principal Collections for such
Distribution Date;
(h) an amount equal to the aggregate amount by which the Collateral
Interest Amount has been reduced pursuant to clauses (c), (d) and (e) of the
definition of "Collateral Invested Amount" in SECTION 2.01 of this Supplement
(but not in excess of the aggregate amount of such reductions which have not
been previously reimbursed) shall be treated as a portion of Available Principal
Collections for such Distribution Date;
(i) on each Distribution Date from and after the Reserve Account Funding
Date, but prior to the date on which the Reserve Account terminates as described
in SECTION 4.12(f), an amount up to the excess, if any, of the Required Reserve
Account Amount over the Available Reserve Account Amount shall be deposited into
the Reserve Account; and
(j) the balance, if any, after giving effect to the payments made pursuant
to subparagraphs (a) through (i) above shall be distributed to the Paying Agent
for payment to the Collateral Interest Holder.
SECTION 4.08. REALLOCATED PRINCIPAL COLLECTIONS. The Servicer shall apply,
or shall cause the Trustee to apply, on each Distribution Date, Reallocated
Principal Collections (applying all Reallocated Collateral Principal Collections
in accordance with SECTIONS 4.08(a) and (b) prior to applying any Reallocated
Class B Principal Collections in accordance with SECTION 4.08(a) for any amounts
still owing after the application of Reallocated Collateral Principal
Collections) with respect to such Distribution Date, to make the following
distributions in the following order of priority:
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(a) an amount equal to the excess, if any, of (i) the Class A Required
Amount, if any, with respect to such Distribution Date over (ii) the amount of
Excess Spread and Excess Finance Charge Collections allocated to Series 2000-__
with respect to the related Monthly Period, shall be distributed by the Trustee
to fund any deficiency pursuant to SECTIONS 4.05(a)(i), (ii) and (iii); provided
that if the Class A Required Amount for such Distribution Date exceeds the sum
of (1) the amount of Excess Spread and Excess Finance Charge Collections
allocated to Series 2000-__ and (2) the amount of Reallocated Principal
Collections for such Distribution Date, then (i) such Excess Spread and Excess
Finance Charge Collections allocated to Series 2000-__ and (ii) Reallocated
Principal Collections shall be applied first to pay amounts due with respect to
such Distribution Date pursuant to SECTION 4.05(a)(i), second to pay the Class A
Servicing Fee pursuant to SECTION 4.05(a)(ii) and third to pay the Class A
Investor Default Amount for such Distribution Date pursuant to SECTION
4.05(a)(iii);
(b) an amount equal to the excess, if any, of (i) the Class B Required
Amount, if any, with respect to such Distribution Date over (ii) the amount of
Excess Spread and Excess Finance Charge Collections allocated and available to
fund such amount, such Excess Spread and Excess Finance Charge Collections,
shall be distributed by the Trustee to fund any deficiency pursuant to SECTIONS
4.05(b)(i) and (ii) and, in an amount equal to the Class B Investor Default
Amount for such Distribution Date, to be treated as a portion of Available
Principal Collections for such Distribution Date; provided that if the Class B
Required Amount for such Distribution Date exceeds the sum of (1) the amount of
Excess Spread and Excess Finance Charge Collections allocated and available to
fund such amount and (2) the amount of Reallocated Collateral Principal
Collections available after funding the Class A Required Amount for such
Distribution Date, the (I) such amount of Excess Spread and Excess Finance
Charge Collections allocated and available to fund such amount and (2) such
amount of Reallocated Collateral Principal Collections available after funding
the Class A Required Amount for such Distribution Date shall be applied fist to
pay amounts due with respect to such Distribution Date pursuant to SECTION
4.05(b)(i), second to pay the Class B Servicing Fee pursuant to SECTION
4.05(b)(ii) and third to pay the Class B Investor Default Amount for such
Distribution Date pursuant to SECTION 4.07(c); and
(c) the balance, if any, shall be treated as a portion of Available
Principal Collections for such Distribution Date.
SECTION 4.09. EXCESS FINANCE CHARGE COLLECTIONS. Series 2000-__ shall be
included in Group One. Subject to SECTION 4.05 of the Agreement, Excess Finance
Charge Collections with respect to the Series in Group One for any Distribution
Date will be allocated to Series 2000-__ in an amount equal to the product of
(a) the aggregate amount of Excess Finance Charge Collections with respect to
all the Series in Group One for such Distribution Date and (b) a fraction, the
numerator of which is the Finance Charge Shortfall for Series 2000-__ for such
Distribution Date and the denominator of which is the aggregate amount of
Finance Charge Shortfalls for all the Series in Group One for such Distribution
Date. The "FINANCE CHARGE SHORTFALL" for Series 2000-__ for any Distribution
Date will be equal to the excess, if any, of (i) the full amount required to be
paid, without duplication, pursuant to SECTIONS 4.05(a), 4.05(b), 4.05(c) and
4.07 (other than clause (j) thereof) on such Distribution Date over (ii) the
Floating Allocation Percentage of Collections of Finance Charge Receivables with
respect to the related
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Monthly Period (including any amounts that are to be treated as Collections of
Finance Charge Receivables in accordance with the Agreement).
SECTION 4.10. SHARED PRINCIPAL COLLECTIONS. Subject to SECTION 4.04 of the
Agreement, Shared Principal Collections for any Distribution Date will be
allocated to Series 2000-__ in an amount equal to the product of (a) the
aggregate amount of Shared Principal Collections with respect to all Principal
Sharing Series for such Distribution Date and (b) a fraction, the numerator of
which is the Principal Shortfall for Series 2000-__ for such Distribution Date
and the denominator of which is the aggregate amount of Principal Shortfalls for
all the Series which are Principal Sharing Series for such Distribution Date.
The "PRINCIPAL SHORTFALL" for Series 2000-__ will be equal to (i) for any
Distribution Date with respect to the Revolving Period, zero, (ii) for any
Distribution Date with respect to the Controlled Accumulation Period, the
excess, if any, of, prior to the date on which the Series 2000-__ Certificates
are paid in full, the Controlled Distribution Amount with respect to such
Distribution Date over the amount of Available Principal Collections for such
Distribution Date (excluding any portion thereof attributable to Shared
Principal Collections) and (iii) for any Distribution Date with respect to an
Early Amortization Period, the excess, if any, of the Invested Amount over the
amount of Available Principal Collections for such Distribution Date (excluding
any portion thereof attributable to Shared Principal Collections).
SECTION 4.11. PRINCIPAL FUNDING ACCOUNT.
(a) The Servicer shall establish, in the name of the Trust, on behalf of
the Trust, for the benefit of the Series 2000-_ Certificateholders, as their
interests appear herein, a "PRINCIPAL FUNDING ACCOUNT" which shall be an
Eligible Deposit Account, bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Series 2000-_
Certificateholders. The Trustee shall possess all right, title and interest in
all funds on deposit from time to time in the Principal Funding Account and in
all proceeds thereof. The Principal Funding Account shall be under the sole
dominion and control of the Trustee for the benefit of the Series 2000-_
Certificateholders. If at any time the Principal Funding Account ceases to be an
Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall,
within ten (10) Business Days (or such longer period, not to exceed thirty
calendar days, as to which each Rating Agency shall consent) establish a new
Principal Funding Account meeting the conditions specified above as an Eligible
Deposit Account, and shall transfer any cash or any investments to such new
Principal Funding Account. The Trustee, at the direction of the Servicer, shall
(i) make withdrawals from the Principal Funding Account from time to time, in
the amounts and for the purposes set forth in this Series Supplement, and (ii)
on each Distribution Date (from and after the commencement of the Controlled
Accumulation Period) prior to the termination of the Principal Funding Account
make deposits into the Principal Funding Account in the amounts specified in,
and otherwise in accordance with, SECTION 4.05(e).
(b) Funds on deposit in the Principal Funding Account shall be invested at
the direction of the Servicer by the Trustee in Eligible Investments. Funds on
deposit in the Principal Funding Account on any Distribution Date, after giving
effect to any withdrawals from the Principal Funding Account on such
Distribution Date, shall be invested in such investments that will mature so
that such funds will be available for withdrawal on or prior to the following
Distribution Date. The Trustee shall:
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(i) hold each Eligible Investment (other than such as are described in
clause (c) of the definition thereof) that constitutes investment property
through a securities intermediary, which securities intermediary shall
agree with the Trustee that (I) such investment property shall at all times
be credited to a securities account of the Trustee, (II) such securities
intermediary shall comply with entitlement orders originated by the Trustee
without the further consent of any other person or entity, (III) all
property credited to such securities account shall be treated as a
financial asset, (IV) such securities intermediary shall waive any lien on,
security interest in, or right of set-off with respect to any property
credited to such securities account, and (V) such agreement shall be
governed by the laws of the State of New York;
(ii) maintain possession of each other Eligible Investment not
described in clause (i) above (other than such as are described in clause
(c) of the definition thereof); and
(iii) cause each Eligible Investment described in clause (c) of the
definition thereof to be registered in the name of the Trustee by the
issuer thereof;
provided, that no Eligible Investment shall be disposed of prior to its maturity
date. Terms used in clause (i) above that are defined in the New York UCC and
not otherwise defined herein shall have the meaning set forth in the New York
UCC.
On each Distribution Date with respect to the Controlled Accumulation
Period and on the first Transfer Date with respect to the Early Amortization
Period, the Trustee, acting at the Servicer's direction given on or before such
Distribution Date, shall transfer from the Principal Funding Account to the
Collection Account the Principal Funding Investment Proceeds on deposit in the
Principal Funding Account for application as Class A Available Funds and Class B
Available Funds in accordance with SECTION 4.05.
Principal Funding Investment Proceeds (including reinvested interest) shall
not be considered part of the amounts on deposit in the Principal Funding
Account for purposes of this Series Supplement.
SECTION 4.12. RESERVE ACCOUNT.
(a) The Servicer shall establish, in the name of the Trust, on behalf of
the Trust, for the benefit of the Series 2000-_ Certificateholders, as their
interests appear herein, a "RESERVE ACCOUNT" which shall be an Eligible Deposit
Account, bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Series 2000-_ Certificateholders. The
Trustee shall possess all right, title and interest in all funds on deposit from
time to time in the Reserve Account and in all proceeds thereof. The Reserve
Account shall be under the sole dominion and control of the Trustee for the
benefit of the Series 2000-_ Certificateholders. If at any time the Reserve
Account ceases to be an Eligible Deposit Account, the Trustee (or the Servicer
on its behalf) shall, within ten (10) Business Days (or such longer period, not
to exceed thirty calendar days, as to which each Rating Agency shall consent)
establish a new Reserve Account meeting the conditions specified above as an
Eligible Deposit Account, and shall transfer any cash or any investments to such
new Reserve Account. The
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Trustee, at the direction of the Servicer, shall (i) make withdrawals from the
Reserve Account from time to time in an amount up to the Available Reserve
Account Amount at such time, for the purposes set forth in this Series
Supplement, and (ii) on each Distribution Date (from and after the Reserve
Account Funding Date) prior to termination of the Reserve Account make a deposit
into the Reserve Account in the amount specified in, and otherwise in accordance
with, SECTION 4.07(i).
(b) Funds on deposit in the Reserve Account shall be invested at the
direction of the Servicer by the Trustee in Eligible Investments. Funds on
deposit in the Reserve Account on any Distribution Date, after giving effect to
any withdrawals from the Reserve Account on such Distribution Date, shall be
invested in such investments that will mature so that such funds will be
available for withdrawal on or prior to the following Distribution Date. The
Trustee shall:
(i) hold each Eligible Investment (other than such as are described in
clause (c) of the definition thereof) that constitutes investment property
through a securities intermediary, which securities intermediary shall
agree with the Trustee that (I) such investment property shall at all times
be credited to a securities account of the Trustee, (II) such securities
intermediary shall comply with entitlement orders originated by the Trustee
without the further consent of any other person or entity, (III) all
property credited to such securities account shall be treated as a
financial asset, (IV) such securities intermediary shall waive any lien on,
security interest in, or right of set-off with respect to any property
credited to such securities account, and (V) such agreement shall be
governed by the laws of the State of New York;
(ii) maintain possession of each other Eligible Investment not
described in clause (i) above (other than such as are described in clause
(c) of the definition thereof); and
(iii) cause each Eligible Investment described in clause (c) of the
definition thereof to be registered in the name of the Trustee by the
issuer thereof;
provided, that no Eligible Investment shall be disposed of prior to its maturity
date. Terms used in clause (i) above that are defined in the New York UCC and
not otherwise defined herein shall have the meaning set forth in the New York
UCC.
On each Distribution Date, all interest and earnings (net of losses and
investment expenses) accrued since the preceding Distribution Date on funds on
deposit in the Reserve Account shall be retained in the Reserve Account (to the
extent that the Available Reserve Account Amount is less than the Required
Reserve Account Amount) and the balance, if any, shall be deposited into the
Collection Account and included in Class A Available Funds for such Distribution
Date. For purposes of determining the availability of funds or the balance in
the Reserve Account for any reason under this Series Supplement, except as
otherwise provided in the preceding sentence, investment earnings on such funds
shall be deemed not to be available or on deposit.
(c) On or before each Distribution Date with respect to the Controlled
Accumulation Period and on or before the first Distribution Date with respect to
the Rapid
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Amortization Period, the Servicer shall calculate the Reserve Draw
Amount; provided, however, that such amount will be reduced to the extent that
funds otherwise would be available for deposit in the Reserve Account under
SECTION 4.07(i) with respect to such Distribution Date.
(d) In the event that for any Distribution Date the Reserve Draw Amount is
greater than zero, the Reserve Draw Amount, up to the Available Reserve Account
Amount, shall be withdrawn from the Reserve Account on such Distribution Date by
the Trustee (acting in accordance with the instructions of the Servicer) and
deposited into the Collection Account for application in the following priority:
(i) an amount up to the excess, if any, of (x) an amount equal to that
portion of the Covered Amount computed pursuant to clause (a) of the
definition of Covered Amount over (y) an amount equal to that portion of
the Class A Available Funds computed pursuant to clause (b) of the
definition of Class A Available Funds shall be treated as Class A Available
Funds to be applied pursuant to SECTION 4.05(a)(i); and
(ii) an amount up to the excess, if any, of (x) an amount equal to
that portion of the Covered Amount computed pursuant to clause (b) of the
definition of Covered Amount over (y) an amount equal to that portion of
the Class B Available Funds computed pursuant to clause (b) of the
definition of Class B Available Funds shall be treated as Class B Available
Funds to be applied pursuant to SECTION 4.05(b)(i).
(e) In the event that the Reserve Account Surplus on any Distribution Date,
after giving effect to all deposits to and withdrawals from the Reserve Account
with respect to such Distribution Date, is greater than zero, the Trustee,
acting in accordance with the instructions of the Servicer, shall withdraw from
the Reserve Account and distribute to the Paying Agent for payment to the
Collateral Interest Holder, an amount equal to such Reserve Account Surplus.
(f) Upon the earliest to occur of (i) the termination of the Trust pursuant
to ARTICLE XII of the Agreement, (ii) if the Controlled Accumulation Period has
not commenced, the first Distribution Date relating to the Rapid Amortization
Period and (iii) if the Controlled Accumulation Period has commenced, the
earlier of the first Distribution Date with respect to the Rapid Amortization
Period and the Scheduled Payment Date, the Trustee, acting in accordance with
the instructions of the Servicer, after the prior payment of all amounts owing
to the Series 2000-_ Certificateholders that are payable from the Reserve
Account as provided herein, shall withdraw from the Reserve Account and
distribute to the Paying Agent for payment to the Collateral Interest Holder,
all amounts, if any, on deposit in the Reserve Account and the Reserve Account
shall be deemed to have terminated for purposes of this Series Supplement.
SECTION 4.13. DETERMINATION OF LIBOR.
(a) On each LIBOR Determination Date, the Trustee will determine LIBOR on
the basis of the rate for one-month United States dollar deposits that appears
on Telerate Page 3750 as of 11:00 a.m., London time, on such date. If such rate
does not appear on Telerate Page 3750, the rate for that date will be determined
on the basis of the rates at which one-month United States dollar deposits are
offered by the Reference Banks at approximately 11:00 a.m.,
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London time, on that day to prime banks in the London interbank market for such
one-month period. The Trustee will request the principal London office of each
of the Reference Banks to provide a quotation of its rate. If at least two such
quotations are provided, the rate for that date will be the arithmetic mean of
the quotations. If fewer than two quotations are provided as requested, the rate
for that date will be the arithmetic mean of the rates quoted by major banks in
New York City, selected by the Servicer, at approximately 11:00 a.m., New York
City time, on that day for one-month loans in United States dollars to leading
European banks for such one-month period.
(b) The Class A Certificate Rate and the Class B Certificate Rate
applicable to the then current and the immediately preceding Interest Periods
may be obtained by any Series 2000-__ Certificateholder by telephoning the
Trustee at its Corporate Trust Office.
(c) On each LIBOR Determination Date, the Trustee shall send to the
Servicer by facsimile notification of LIBOR for the following Interest Period.
(d) If on a LIBOR Determination Date, the banks selected by the Servicer
pursuant to SECTION 4.13(a) are not quoting rates as described above, LIBOR for
such Interest Period will be LIBOR as determined on the previous LIBOR
Determination Date (or ______% in the case of the first LIBOR Determination
Date).
ARTICLE V
DISTRIBUTIONS AND REPORTS TO
SERIES 2000-__ CERTIFICATEHOLDERS
SECTION 5.01. DISTRIBUTIONS.
(a) On each Distribution Date, the Paying Agent shall distribute to each
Class A Certificateholder of record on the related Record Date (other than as
provided in SECTION 12.02 of the Agreement) such Class A Certificateholder's pro
rata share of the amounts that are allocated and available on such Distribution
Date to pay interest on the Class A Certificates pursuant to this Supplement.
(b) On the Scheduled Payment Date and on each Distribution Date with
respect to the Early Amortization Period, the Paying Agent shall distribute to
each Class A Certificateholder of record on the related Record Date (other than
as provided in SECTION 12.02 of the Agreement) such Class A Certificateholder's
pro rata share of the amounts that are allocated and available on such date to
pay principal of the Class A Certificates pursuant to this Supplement up to a
maximum amount on any such date equal to the Class A Invested Amount on such
date.
(c) On each Distribution Date, the Paying Agent shall distribute to each
Class B Certificateholder of record on the related Record Date (other than as
provided in SECTION 12.02 of the Agreement) such Class B Certificateholder's pro
rata share of the amounts that are allocated and available on such Distribution
Date to pay interest on the Class B Certificates pursuant to this Supplement.
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(d) On each Distribution Date commencing on the Distribution Date on which
the Class A Invested Amount has been paid in full to the Class A
Certificateholders, the Paying Agent shall distribute to each Class B
Certificateholder of record on the related Record Date (other than as provided
in SECTION 12.02 of the Agreement) such Class B Certificateholder's pro rata
share of the amounts that are allocated and available on such date to pay
principal of the Class B Certificates pursuant to this Supplement up to a
maximum amount on any such date equal to the Class B Invested Amount on such
date.
(e) (e) On each Distribution Date, the Paying Agent shall distribute to the
Collateral Interest Holder of record on the related Record Date (other than as
provided in SECTION 12.02 of the Agreement) the aggregate amount payable to the
Collateral Interest Holder pursuant to SECTIONS 4.05(e)(iii), 4.05(f)(iii),
4.07(e), 4.07(j) and 4.12(e).
(f) The distributions to be made pursuant to this SECTION 5.01 are subject
to the provisions of SECTIONS 2.06, 9.02, 10.01 and 12.02 of the Agreement and
SECTIONS 8.01 and 8.02 of this Supplement.
(g) Except as provided in SECTION 12.02 of the Agreement with respect to a
final distribution, distributions to Series 2000-__ Certificateholders hereunder
shall be made by check mailed to each Series 2000-__ Certificateholder at such
Series 2000-__ Certificateholder's address appearing in the Certificate Register
without presentation or surrender of any Series 2000-__ Certificate or the
making of any notation thereon; provided, however, that with respect to Series
2000-__ Certificates registered in the name of a Clearing Agency, such
distributions shall be made to such Clearing Agency in immediately available
funds.
SECTION 5.02. REPORTS AND STATEMENTS.
(a) On each Determination Date, the Servicer shall deliver to the Trustee,
the Paying Agent, each Rating Agency and Collateral Interest Holder, a
certificate substantially in the form of EXHIBIT B prepared by the Servicer.
(b) On each Distribution Date, the Paying Agent, on behalf of the Trustee,
shall forward to each Class A Certificateholder, each Class B Certificateholder
and the Collateral Interest Holder a statement substantially in the form of
EXHIBIT C prepared by the Servicer.
(c) Not later than each Determination Date, the Servicer shall deliver to
the Trustee, the Paying Agent and each Rating Agency (i) statements
substantially in the form of EXHIBIT C prepared by the Servicer and (ii) a
certificate of a Servicing Officer substantially in the form of EXHIBIT D.
(d) On or before January 31 of each calendar year, beginning with calendar
year 2001, the Paying Agent, on behalf of the Trustee, shall furnish or cause to
be furnished to each Person who at any time during the preceding calendar year
was a Series 2000-__ Certificateholder, a statement prepared by the Servicer
containing the information which is required to be contained in the statement to
Series 2000-__ Certificateholders, as set forth in paragraph (a) or (b) above,
as applicable, aggregated for such calendar year or the applicable portion
thereof during which such Person was a Series 2000-__ Certificateholder,
together with other information as is required to be provided by an issuer of
indebtedness under the Internal
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Revenue Code. Such obligation of the Servicer shall be deemed to have been
satisfied to the extent that substantially comparable information shall be
provided by the Paying Agent pursuant to any requirements of the Internal
Revenue Code as from time to time in effect.
ARTICLE VI
PAY OUT EVENTS
SECTION 6.01. ADDITIONAL PAY OUT EVENTS. If any one of the following events
shall occur with respect to the Series 2000-__ Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit
required by the terms of the Agreement or this Supplement on or before the date
occurring five Business Days after the date such payment or deposit is required
to be made therein or herein or (ii) duly to observe or perform any other
covenants or agreements of the Seller set forth in the Agreement or this
Supplement, which failure has a material adverse effect on the Series 2000-__
Certificateholders and which continues unremedied for a period of sixty days
after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Seller by the Trustee, or to the Seller
and the Trustee by any Holder of the Series 2000-__ Certificates;
(b) any representation or warranty made by the Seller in the Agreement or
this Supplement, or any information contained in a computer file or microfiche
list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f)
of the Agreement shall prove to have been incorrect in any material respect when
made or when delivered, which continues to be incorrect in any material respect
for a period of sixty days after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to the Seller
by the Trustee, or to the Seller and the Trustee by any Holder of a Series
2000-__ Certificate and as a result of which the interests of the Series 2000-__
Certificateholders are materially and adversely affected and continue to be
materially and adversely affected for such period; provided, however, that a Pay
Out Event pursuant to this SECTION 6.01(b) shall not be deemed to have occurred
hereunder if the Seller has accepted reassignment of the related Receivable or
all of such Receivables, if applicable, during such period in accordance with
the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or
Participation Interests to the Trust within five Business Days after the day on
which they are required to convey such Receivables or Participation Interests
pursuant to SECTION 2.08(a) of the Agreement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods
is reduced to a rate which is less than the average Base Rate for such periods;
or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment
Date;
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then, in the case of any event described in subparagraph (a), (b) or (d), after
the applicable grace period, if any, set forth in such subparagraphs, either the
Trustee or the Holders of Series 2000-__ Certificates evidencing more than 50%
of the aggregate unpaid principal amount of Series 2000-__ Certificates by
notice then given in writing to the Seller and the Servicer (and to the Trustee,
if given by the Series 2000-__ Certificateholders) may declare that a Pay Out
Event has occurred with respect to Series 2000-__ as of the date of such notice,
and, in the case of any event described in subparagraph (c), (e) or (f), a Pay
Out Event shall occur with respect to Series 2000-__ without any notice or other
action on the part of the Trustee or the Series 2000-__ Certificateholders
immediately upon the occurrence of such event.
ARTICLE VII
OPTIONAL REPURCHASE; SERIES TERMINATION
SECTION 7.01. OPTIONAL REPURCHASE.
(a) On any day occurring on or after the date on which the Invested Amount
is reduced to 5.0% or less of the Initial Invested Amount, the Seller shall have
the option to purchase the Certificateholders' Interest represented by Series
2000-__, at a purchase price equal to (i) if such day is a Distribution Date,
the Reassignment Amount for such Distribution Date or (ii) if such day is not a
Distribution Date, the Reassignment Amount for the Distribution Date following
such day.
(b) The Seller shall give the Servicer and the Trustee at least thirty days
prior written notice of the date on which the Seller intends to exercise such
purchase option. Not later than 12:00 noon, New York City time, on such day the
Seller shall deposit the Reassignment Amount into the Collection Account in
immediately available funds. Such purchase option is subject to payment in full
of the Reassignment Amount. Following the deposit of the Reassignment Amount
into the Collection Amount in accordance with the foregoing, the Invested Amount
shall be reduced to zero and the Series 2000-__ Certificateholders shall have no
further interest in the Receivables. The Reassignment Amount shall be
distributed as set forth in SECTION 8.01(b).
SECTION 7.02. SERIES TERMINATION.
(a) If, on the __________ ____ Distribution Date, the Invested Amount
(after giving effect to all changes therein on such date) would be greater than
zero, the Servicer, on behalf of the Trustee, shall, within the forty-day period
that begins on such Distribution Date, solicit bids for the sale of Principal
Receivables and the related Finance Charge Receivables (or interests therein) in
an amount equal to the Invested Amount at the close of business on the last day
of the Monthly Period preceding the Series Termination Date (after giving effect
to all distributions required to be made on the Series Termination Date, except
pursuant to this SECTION 7.02). Such bids shall require that such sale shall
(subject to SECTION 7.02(b)) occur on the Series Termination Date. The Seller
shall be entitled to participate in, and to receive from the Trustee a copy of
each other bid submitted in connection with, such bidding process.
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(b) The Servicer, on behalf of the Trustee, shall sell such Receivables (or
interests therein) on the Series Termination Date to the bidder who made the
highest cash purchase offer. The proceeds of any such sale shall be treated as
Collections on the Receivables allocated to Series 2000-__ pursuant to the
Agreement and this Supplement; provided, however, that the Servicer shall
determine conclusively the amount of such proceeds which are allocable to
Finance Charge Receivables and the amount of such proceeds which are allocable
to Principal Receivables. During the period from the __________ ____
Distribution Date to the Series Termination Date, the Servicer shall continue to
collect payments on the Receivables and allocate and deposit such Collections in
accordance with the provisions of the Agreement and the Supplements.
ARTICLE VIII
FINAL DISTRIBUTIONS
SECTION 8.01. SALE OF RECEIVABLES OR CERTIFICATEHOLDERS' INTEREST PURSUANT
TO SECTION 2.06 OR 10.01 OF THE AGREEMENT AND SECTION 7.01 OR 7.02 OF THIS
SUPPLEMENT.
(a) (i) The amount to be paid by the Seller with respect to Series
2000-__ in connection with a reassignment of Receivables to the Seller
pursuant to SECTION 2.06 of the Agreement shall equal the Reassignment
Amount for the first Distribution Date following the Monthly Period in
which the reassignment obligation arises under the Agreement.
(ii) The amount to be paid by the Seller with respect to Series
2000-__ in connection with a repurchase of the Certificateholders' Interest
pursuant to SECTION 10.01 of the Agreement shall equal the sum of (A) the
Reassignment Amount for the Distribution Date of such repurchase and (B)
the excess, if any, of (1) a price equivalent to the average of bids quoted
on the Record Date preceding the date of repurchase (or, if such day is not
a Business Day, on the next Business Day) by at least two recognized
dealers selected by the Trustee (which may be selected from the list
attached as SCHEDULE I), for the purchase by such dealers of a security
which is similar to the Series 2000-__ Certificates with a remaining
maturity approximately equal to the remaining maturity of the Series
2000-__ Certificates and rated by each Rating Agency in the rating category
originally assigned to the Series 2000-__ Certificates over (2) the
Reassignment Amount.
(b) With respect to the Reassignment Amount deposited into the Collection
Account pursuant to SECTION 7.01 or 8.01 or any amounts allocable to the Series
2000-__ Certificateholders' Interest deposited into the Collection Account
pursuant to SECTION 7.02, the Trustee shall to the extent funds are available,
not later than 12:00 noon, New York City time, on the related Distribution Date,
make deposits or distributions of the following amounts (in the priority set
forth below and, in each case effect to any deposits and distributions otherwise
be made on such date) in immediately available funds: (i) (A) the Class A
Invested Amount on such Distribution Date will be distributed to the Paying
Agent for payment to the Class A Certificateholders and (B) an amount equal to
the sum of (1) Class A Monthly Interest for such Distribution Date, (2) any
Class A Monthly Interest previously due but not distributed to the Class A
Certificateholders on a prior Distribution Date and (3) the amount of Class A
Additional
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Interest, if any, for such Distribution Date and any Class A Additional Interest
previously due but not distributed to the Class A Certificateholders on any
prior Distribution Date, will be distributed to the Paying Agent for payment to
the Class A Certificateholders, (ii) (A) the Class B Invested Amount on such
Distribution Date will be distributed to the Paying Agent for payment to the
Class B Certificateholders and (B) an amount equal to the sum of (1) Class B
Monthly Interest for such Distribution Date, (2) any Class B Monthly Interest
previously due but not distributed to the Class B Certificateholders on a prior
Distribution Date and (3) the amount of Class B Additional Interest, if any, for
such Distribution Date and any Class B Additional Interest previously due but
not distributed to the Class B Certificateholders on any prior Distribution
Date, will be distributed to the Paying Agent for payment to the Class B
Certificateholders and (iii) the balance, if any, will be distributed to the
Collateral Interest Holder.
(c) Notwithstanding anything to the contrary in this Supplement or the
Agreement, all amounts distributed to the Paying Agent pursuant to SECTION
8.01(b) for payment to the Series 2000-__ Certificateholders shall be deemed
distributed in full to the Series 2000-__ Certificateholders on the date on
which such funds are distributed to the Paying Agent pursuant to this Section
and shall be deemed to be a final distribution pursuant to SECTION 12.02 of the
Agreement.
SECTION 8.02. DISTRIBUTION OF PROCEEDS OF SALE, DISPOSITION OR LIQUIDATION
OF THE RECEIVABLES PURSUANT TO SECTION 9.02 OF THE AGREEMENT.
(a) Not later than 12:00 noon, New York City time, on the Distribution Date
following the date on which the Insolvency Proceeds are deposited into the
Collection Account pursuant to SECTION 9.02(b) of the Agreement, the Trustee
shall (in the following priority and, in each case, after giving effect to any
deposits and distributions otherwise to be made on such Distribution Date) (i)
deduct an amount equal to the Class A Invested Amount on such Distribution Date
from the portion of the Insolvency Proceeds allocated to Collections of
Principal Receivables and distribute such amount to the Paying Agent for payment
to the Class A Certificateholders, provided that the amount of such distribution
shall not exceed the product of (A) the portion of the Insolvency Proceeds
allocated to Collections of Principal Receivables and (B) the Principal
Allocation Percentage with respect to the related Monthly Period, (ii) deduct an
amount equal to the Class B Invested Amount on such Distribution Date from the
portion of the Insolvency Proceeds allocated to Collections of Principal
Receivables and distribute such amount to the Paying Agent for payment to the
Class B Certificateholders, provided that the amount of such distribution shall
not exceed (I) the product of (1) the portion of such Insolvency Proceeds
allocated to Collections of Principal Receivables and (2) the Principal
Allocation Percentage with respect to the related Monthly Period minus (B) the
amount distributed to the Paying Agent pursuant to clause (i) of this sentence
and (iii) deduct an amount equal to the Collateral Invested Amount on such
Distribution Date from the portion of the Insolvency Proceeds allocated to
Collections of Principal Receivables and distributed such amount to the Paying
Agent for payment to the Collateral Interest Holder, provided that the amount of
such distribution shall not exceed (I) the product of (1) the portion of such
Insolvency Proceeds allocate to Collections of Principal Receivables and (2) the
Principal Allocation Percentage with respect to the related Monthly Period minus
(B) the amount distributed to the Paying Agent pursuant to clauses (i) and (ii)
of this sentence. To the extent that the product of (I) the portion
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of the Insolvency Proceeds allocated to Collections of Principal Receivables and
(II) the Principal Allocation Percentage with respect to the related Monthly
Period exceeds the aggregate amounts distributed to the Paying Agent pursuant to
the preceding sentence, the excess shall be allocated to the Seller's Interest
and shall be released to the Holder of the Seller Interest on such Distribution
Date.
(b) Not later than 12:00 noon, New York City time, on such Distribution
Date, the Trustee shall (in the following priority and, in each case, after
giving effect to any deposits and distributions otherwise to be made on such
Distribution Date) (i) deduct an amount equal to the sum of (A) Class A Monthly
Interest for such Distribution Date, (B) any Class A Monthly Interest previously
due but not distributed to the Class A Certificateholders on a prior
Distribution Date and (C) the amount of Class A Additional Interest, if any, for
such Distribution Date and any Class A Additional Interest previously due but
not distributed to the Class A Certificateholders on a prior Distribution Date
from the portion of the Insolvency Proceeds allocated to Collections of Finance
Charge Receivables and distribute such amount to the Paying Agent for payment to
the Class A Certificateholders, provided that the amount of such distribution
shall not exceed the product of (D) the portion of the Insolvency Proceeds
allocated to Collections of Finance Charge Receivables, (E) the Floating
Allocation Percentage with respect to the related Monthly Period and (F) the
Class A Floating Percentage with respect to such Monthly Period, (ii) deduct an
amount equal to the sum of (A) Class B Monthly Interest for such Distribution
Date, (B) Class B Monthly Interest previously due but not distributed to the
Class B Certificateholders and (C) the amount of Class B Additional Interest, if
any, for such Distribution Date and any Class B Additional Interest previously
due but not distributed to the Class B Certificateholders on a prior
Distribution Date from the portion of the Insolvency Proceeds allocated to
Collections of Finance Charge Receivables and distribute such amount to the
Paying Agent for payment to the Class B Certificateholders, provided that the
amount of such distribution shall not exceed the product of (1) the portion of
the Insolvency Proceeds allocated to Collections of Finance Charge Receivables,
(2) the Floating Allocation Percentage with respect to the related Monthly
Period and (3) the Class B Floating Percentage with respect to such Monthly
Period. To the extent that the product of (I) the portion of the Insolvency
Proceeds allocated to Collections of Finance Charge Receivables and (II) the
Floating Allocation Percentage with respect to the related Monthly Period
exceeds the aggregate amount distributed to the Paying Agent pursuant to the
preceding sentence, the excess shall be released to the Collateral Interest
Holder.
(c) Notwithstanding anything to the contrary in this Supplement or the
Agreement, all amounts distributed to the Paying Agent pursuant to this Section
for payment to the Series 2000-__ Certificateholders shall be distributed in
full to the Series 2000-__ Certificateholders on the date on which funds are
distributed to the Paying Agent pursuant to this Section and shall be deemed to
be a final distribution pursuant to SECTION 12.02 of the Agreement.
ARTICLE IX
MISCELLANEOUS PROVISIONS
39
44
SECTION 9.01. RATIFICATION OF AGREEMENT. As supplemented by this
Supplement, the Agreement is in all respects ratified and confirmed and the
Agreement as so supplemented by this Supplement shall be read, taken and
construed as one and the same instrument.
SECTION 9.02. COUNTERPARTS. This Supplement may be executed in two or more
counterparts, and by different parties on separate counterparts, each of which
shall be an original, but all of which shall constitute one and the same
instrument.
SECTION 9.03. GOVERNING LAW. THIS SUPPLEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
SECTION 9.04. CERTAIN TAX RELATED AMENDMENTS. In addition to being subject
to amendment pursuant to any other provisions relating to amendments in either
the Agreement or this Series Supplement, this Series Supplement may be amended
by the Seller without the consent of the Servicer, Trustee or any Investor
Certificateholder if the Seller provides the Trustee with (i) an Opinion of
Counsel to the effect that such amendment or modification would reduce the risk
the Trust would be treated as taxable as a publicly traded partnership pursuant
to Code section 7704 and (ii) a certificate that such amendment or modification
would not materially and adversely affect any Investor Certificateholder;
provided, that no such amendment shall be deemed effective without the Trustee's
consent, if the Trustee's rights, duties and obligations hereunder are thereby
modified. Promptly after the effectiveness of any amendment pursuant to this
SECTION 9.04, the Seller shall deliver a copy of such amendment to each of the
Servicer, the Trustee and each Rating Agency.
SECTION 9.05. TRANSFERS OF THE COLLATERAL INTEREST.
(a) Unless otherwise consented to by the Seller, no portion of the
Collateral Interest or any interest therein may be sold, conveyed, assigned,
hypothecated, pledged, participated, exchanged or otherwise transferred (each, a
"TRANSFER") except in accordance with this SECTION 9.05 and only to a Permitted
Assignee. Any attempted or purported transfer, assignment, exchange, conveyance,
pledge, hypothecation or grant other than to a Permitted Assignee shall be void.
Unless otherwise consented to by the Seller, no portion of the Collateral
Interest or any interest therein may be Transferred to any Person (each such
Person acquiring the Collateral Interest or any interest therein, an "ASSIGNEE")
unless such Assignee shall have executed and delivered to the Seller on or
before the effective date of any Transfer a letter substantially in the form
attached hereto as EXHIBIT E (an "INVESTMENT LETTER"), executed by such
Assignee, with respect to the related Transfer to such Assignee of all or a
portion of the Collateral Interest.
(b) Each Assignee will certify that the Collateral Interest or the interest
therein purchased by such Assignee will be acquired for investment only and not
with a view to any public distribution thereof, and that such Assignee will not
offer to sell or otherwise dispose of the Collateral Interest or any interest
therein so acquired by it in violation of any of the
40
45
registration requirements of the Securities Act, or any applicable state or
other securities laws. Each Assignee will acknowledge and agree that (i) it has
no right to require the Seller to register under the Securities Act or any other
securities law the Collateral Interest or the interest therein to be acquired by
the Assignee and (ii) the sale of the Collateral Interest is not being made by
means of the Prospectus. Each Assignee will agree with the Seller that: (a) such
Assignee will deliver to the Seller on or before the effective date of any
Transfer an Investment Letter executed by such Assignee with respect to the
purchase by such Assignee of all or a portion of the Collateral Interest and (b)
all of the statements made by such Assignee in its Investment Letter shall be
true and correct as of the date made.
(c) No portion of the Collateral Interest or any interest therein may be
Transferred, and each Assignee will certify that it is not, (a) an "employee
benefit plan" (as defined in Section 3(3) of ERISA), including governmental
plans and church plans, (b) any "plan" (as defined in Section 4975(e)(1) of the
Code) including individual retirement accounts and Xxxxx plans, or (c) any other
entity whose underlying assets include "plan assets" (within the meaning of
Department of Labor Regulation Section 2510.3-101, 29 C.F.R. Section 2510.3-101
or otherwise under ERISA) by reason of a plan's investment in the entity,
including, without limitation, an insurance company general account.
(d) This SECTION 9.05 shall not apply to the transfer and pledge of the
Collateral Interest on the Closing Date by the Seller pursuant to the Transfer
Agreement or by the National City Floating Rate Secured Note Trust (2000-_) to
the Indenture Trustee (as defined in the Transfer Agreement) pursuant to the
Indenture (as defined in the Transfer Agreement).
SECTION 9.06. UNCERTIFICATED SECURITIES. The Collateral Interest shall be
delivered in uncertificated form.
41
46
IN WITNESS WHEREOF, the undersigned have caused this Supplement to be duly
executed and delivered by their respective duly authorized officers on the day
and year first above written.
NATIONAL CITY BANK,
as Seller and Servicer
By: _______________________________________
Name:
Title:
THE BANK OF NEW YORK,
as Trustee
By: _______________________________________
Name:
Title:
47
EXHIBIT A-1
-----------
FORM OF CLASS A CERTIFICATE
REGISTERED $___________
No. R-1 CUSIP No. __________
Unless this Class A Certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation ("DTC"),
to National City Bank or its agent for registration of transfer, exchange or
payment, and any certificate issued is registered in the name of Cede & Co. or
in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.
NATIONAL CITY CREDIT CARD MASTER TRUST
SERIES 2000-_
CLASS A FLOATING RATE ASSET BACKED CERTIFICATE
Class A Expected Final Payment Date:
The _____________ 200_ Distribution Date
Each $1,000 minimum denomination represents a
______________ undivided interest
in Class A of the National City Credit Card Master Trust, Series 2000-_
Evidencing an undivided interest in a trust, the corpus of which consists
primarily of receivables generated from time to time in the ordinary course of
business in a portfolio of consumer revolving credit card accounts owned by
NATIONAL CITY BANK
and other assets and interests constituting the Trust under the Pooling and
Servicing Agreement referred to below.
(Not an interest in or obligation of National City Bank or any Affiliate of
either thereof)
48
This certifies that CEDE & CO. (the "Class A Certificateholder") is the
registered owner of a fractional undivided interest in certain assets of a trust
(the "Trust") created pursuant to the Pooling and Servicing Agreement dated as
of June 1, 1995 (the "Agreement"), as amended and restated as of July 1, 2000,
as supplemented by the Series 2000-_ Supplement dated as of _________ __, 2000
(the "Series 2000-_ Supplement"), among National City Bank, as Seller and
Servicer and The Bank of New York, a New York banking corporation, as trustee
(the "Trustee"). The corpus of the Trust consists of (i) a portfolio of all
receivables (the "Receivables") existing in the consumer revolving credit card
accounts identified under the Agreement from time to time (the "Accounts"), (ii)
all Receivables generated under the Accounts from time to time thereafter, (iii)
funds collected or to be collected from accountholders in respect of the
Receivables, (iv) all monies, securities, investments and other property which
are from time to time on deposit in the Collection Account and the Special
Funding Account, (v) the benefits of any type of enhancement ("Series
Enhancement") issued with respect to any Series (the drawing on or payment of
such Series Enhancement being available only to Certificateholders of a
specified Series or Class unless otherwise indicated in the related Supplement)
and (vi) all other assets and interests constituting the Trust. Although a
summary of certain provisions of the Agreement and the Series 2000-_ Supplement
is set forth below and in the Summary of Terms and Conditions attached hereto
and made a part hereof, this Class A Certificate does not purport to summarize
the Agreement and the Series 2000-_ Supplement and reference is made to the
Agreement and the Series 2000-_ Supplement for information with respect to the
interests, rights, benefits, obligations, proceeds and duties evidenced hereby
and the rights, duties and obligations of the Trustee. A copy of the Agreement
and the Series 2000-_ Supplement (without schedules) may be requested from the
Trustee by writing to the Trustee at the Corporate Trust Office. To the extent
not defined herein, the capitalized terms used herein have the meanings ascribed
to them in the Agreement or the Series 2000-_ Supplement, as applicable.
This Class A Certificate is issued under and is subject to the
terms, provisions and conditions of the Agreement and the Series 2000-_
Supplement, to which Agreement and Series 2000-_ Supplement, each as amended and
supplemented from time to time, the Class A Certificateholder by virtue of the
acceptance hereof assents and is bound.
It is the intent of the Sellers and the Investor
Certificateholders that, for federal, state and local income and franchise tax
purposes, (i) the Investor Certificates will qualify as debt secured by the
Receivables and (ii) the Trust shall not be treated as an association or
publicly traded partnership taxable as a corporation. The Class A
Certificateholder, by the acceptance of this Class A Certificate, agrees to
treat this Class A Certificate for federal, state and local income and franchise
tax purposes as debt.
Interest will accrue on the Class A Certificates for the
period from the Closing Date through __________ __, 2000 the rate of ____% per
annum and for the period from __________ __, 2000 through ___________ __, 2000
and for each Interest Period thereafter at a per annum rate of ____% above LIBOR
as determined on the LIBOR Determination Date and calculated on the basis of
actual days elapsed and a 360 day year.
In general, payments of principal with respect to the Class A
Certificates are limited to the Class A Invested Amount, which may be less than
the unpaid principal balance of the Class A Certificates. The Class A Expected
Final Payment Date is the ___________ __,
A-1-2
49
20__ Distribution Date, but principal with respect to the Class A Certificates
may be paid earlier or later under certain circumstances described in the
Agreement and the Series 2000-_ Supplement. If for one or more months during the
Class A Controlled Amortization Period there are not sufficient funds to pay the
Controlled Distribution Amount, then to the extent that excess funds are not
available on subsequent Distribution Dates with respect to the Class A
Controlled Amortization Period to make up for such shortfalls, the final payment
of principal of the Class A Certificates will occur later than the Class A
Expected Final Payment Date.
Unless the certificate of authentication hereon has been
executed by or on behalf of the Trustee, by manual signature, this Class A
Certificate shall not be entitled to any benefit under the Agreement or the
Series 2000-_ Supplement or be valid for any purpose.
IN WITNESS WHEREOF, the Seller has caused this Class A
Certificate to be duly executed.
NATIONAL CITY BANK,
as Seller and Servicer
By:__________________________________
Name:
Title:
Dated: ____________ _, 2000
A-1-3
50
TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is one of the Class A Certificates referred to in the
Agreement and Series 2000-_ Supplement.
THE BANK OF NEW YORK,
as Trustee
By:________________________________
Authorized Signatory
Dated: _____________ __, 2000
51
NATIONAL CITY CREDIT CARD MASTER TRUST
SERIES 2000-_
CLASS A FLOATING RATE ASSET BACKED CERTIFICATE
Summary of Terms and Conditions
The Receivables consist of Principal Receivables which arise
generally from the purchase of goods and services and amounts advanced to
accountholders as cash advances and Finance Charge Receivables. This Class A
Certificate is one of a Series of Certificates entitled National City Credit
Card Master Trust, Series 2000-_ (the "Series 2000-_ Certificates"), and one of
a class thereof entitled Class A Floating Rate Asset Backed Certificates, Series
2000-_ (the "Class A Certificates"), each of which represents a fractional
undivided interest in certain assets of the Trust. The assets of the Trust are
allocated in part to the certificateholders of all outstanding Series (the
"Certificateholders' Interest") with the remainder allocated to the Holders of
the Seller Certificate. The aggregate interest represented by the Class A
Certificates at any time in the Principal Receivables in the Trust shall not
exceed an amount equal to the Class A Invested Amount at such time. The Class A
Invested Amount will be $_____________ on the Closing Date (the "Class A Initial
Invested Amount"). The Class A Invested Amount on any date will be an amount
equal to (a) the Class A Initial Invested Amount, minus (b) the aggregate amount
of principal payments made to the Class A Certificateholders on or prior to such
date, minus (c) the excess, if any, of the aggregate amount of Class A Investor
Charge-Offs for all prior Distribution Dates over Class A Investor Charge-Offs
reimbursed pursuant to Section 4.06(a) of the Series 2000-_ Supplement prior to
such date.
Subject to the terms and conditions of the Agreement, the
Sellers may from time to time direct the Trustee, on behalf of the Trust, to
issue one or more new Series of Investor Certificates, which will represent
fractional undivided interests in certain of the Trust Assets.
On each Distribution Date, the Paying Agent shall distribute
to each Class A Certificateholder of record on the last day of the preceding
calendar month (each, a "Record Date") such Class A Certificateholder's pro rata
share of such amounts (including amounts on deposit in the Collection Account)
as are payable to the Class A Certificateholders pursuant to the Agreement and
the Series 2000-_ Supplement. Distributions with respect to this Class A
Certificate will be made by the Paying Agent by check mailed to the address of
the Class A Certificateholder of record appearing in the Certificate Register
without the presentation or surrender of this Class A Certificate or the making
of any notation thereon (except for the final distribution in respect of this
Class A Certificate) except that with respect to Class A Certificates registered
in the name of Cede & Co., the nominee for The Depository Trust Company,
distributions will be made in the form of immediately available funds. Final
payment of this Class A Certificate will be made only upon presentation and
surrender of this Class A Certificate at the office or agency specified in the
notice of final distribution delivered by the Trustee to the Series 2000-_
Certificateholders in accordance with the Agreement and the Series 2000-_
Supplement.
On any day occurring on or after the day on which the Invested
Amount is reduced to __% or less of the Initial Invested Amount, each Seller has
the option to repurchase
52
the Certificateholders' Interest in the Trust represented by the Series 2000-_
Certificates. The repurchase price will be equal to (a) if such day is a
Distribution Date, the Reassignment Amount for such Distribution Date or (b) if
such day is not a Distribution Date, the Reassignment Amount for the
Distribution Date next following such day. Following the deposit of the
Reassignment Amount in the Collection Account, Class A Certificateholders will
not have any interest in the Receivables and the Class A Certificates will
represent only the right to receive such Reassignment Amount.
THIS CLASS A CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF,
OR AN INTEREST IN, THE SELLER, THE SERVICER OR ANY AFFILIATE OF ANY OF THEM AND
IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. THIS CLASS A CERTIFICATE IS
LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS WITH RESPECT TO THE
RECEIVABLES (AND CERTAIN OTHER AMOUNTS), ALL AS MORE SPECIFICALLY SET FORTH
HEREINABOVE AND IN THE AGREEMENT AND THE SERIES 2000-_ SUPPLEMENT.
The Class A Certificates are issuable only in minimum
denominations of $1,000 and integral multiples of $1,000. The transfer of this
Class A Certificate shall be registered in the Certificate Register upon
surrender of this Class A Certificate for registration of transfer at any office
or agency maintained by the Transfer Agent and Registrar accompanied by a
written instrument of transfer, in a form satisfactory to the Trustee or the
Transfer Agent and Registrar, duly executed by the Class A Certificateholder or
such Class A Certificateholder's attorney, and duly authorized in writing with
such signature guaranteed, and thereupon one or more new Class A Certificates of
authorized denominations and for the same aggregate fractional undivided
interest will be issued to the designated transferee or transferees.
As provided in the Agreement and subject to certain
limitations therein set forth, Class A Certificates are exchangeable for new
Class A Certificates evidencing like aggregate fractional undivided interests as
requested by the Class A Certificateholder surrendering such Class A
Certificates. No service charge may be imposed for any such exchange but the
Servicer or Transfer Agent and Registrar may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
therewith.
The Servicer, the Trustee, the Paying Agent and the Transfer
Agent and Registrar and any agent of any of them, may treat the person in whose
name this Class A Certificate is registered as the owner hereof for all
purposes, and neither the Servicer nor the Trustee, the Paying Agent, the
Transfer Agent and Registrar, nor any agent of any of them, shall be affected by
notice to the contrary except in certain circumstances described in the
Agreement.
THIS CLASS A CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
A-6
53
ASSIGNMENT
Social Security or other identifying number of assignee _______________________
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto __________________________________________________________________________
(name and address of assignee)
the within certificate and all rights thereunder, and hereby irrevocably
constitutes and appoints _____________________, attorney, to transfer said
certificate on the books kept for registration thereof, with full power of
substitution in the premises.
__________________________ *
Signature Guaranteed:
__________________________
-------------------
* NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Certificate in every
particular, without alteration, enlargement or any change whatsoever.
54
EXHIBIT A-2
-----------
FORM OF CLASS B CERTIFICATE
REGISTERED $_________
No. R-1 CUSIP No. __________
Unless this Class B Certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation ("DTC"),
to National City Bank or its agent for registration of transfer, exchange or
payment, and any certificate issued is registered in the name of Cede & Co. or
in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.
NATIONAL CITY CREDIT CARD MASTER TRUST
SERIES 2000-_
CLASS B FLOATING RATE ASSET BACKED CERTIFICATE
Class B Expected Final Payment Date:
The __________ 200_ Distribution Date
Each $1,000 minimum denomination represents a
______________ undivided interest
in Class B of the National City Credit Card Master Trust, Series 2000-_
Evidencing an undivided interest in a trust, the corpus of which consists
primarily of receivables generated from time to time in the ordinary course of
business in a portfolio of consumer revolving credit card accounts by
NATIONAL CITY BANK
and other assets and interests constituting the Trust under the Pooling and
Servicing Agreement referred to below.
(Not an interest in or obligation of National City Bank or any Affiliate of
either thereof)
This certifies that CEDE & CO. (the "Class B Certificateholder") is the
registered owner of a fractional undivided interest in certain assets of a trust
(the "Trust") created pursuant to the Pooling and Servicing Agreement, dated as
of June 1, 1995 (the "Agreement"), as amended and restated as of July 1, 2000,
as supplemented by the Series 2000-_ Supplement, dated as of ___________ __,
2000 (the "Series 2000-_ Supplement"), among National City Bank, as Seller and
Servicer and The Bank of New York, a New York banking corporation, as trustee
(the "Trustee"). The corpus of the Trust consists of (i) a portfolio of all
receivables (the "Receivables") existing in the consumer revolving credit card
accounts identified under the
55
Agreement from time to time (the "Accounts"), (ii) all Receivables generated
under the Accounts from time to time thereafter, (iii) funds collected or to be
collected from accountholders in respect of the Receivables, (iv) all monies,
securities, investments and other property which are from time to time on
deposit in the Collection Account and in the Special Funding Account, (v) the
benefits of any type of enhancement ("Series Enhancement") issued with respect
to any Series (the drawing on or payment of such Series Enhancement being
available only to Certificateholders of a specified Series or Class unless
otherwise indicated in the related Supplement) and (vi) all other assets and
interests constituting the Trust. Although a summary of certain provisions of
the Agreement and the Series 2000-_ Supplement is set forth below and in the
Summary of Terms and Conditions attached hereto and made a part hereof, this
Class B Certificate does not purport to summarize the Agreement and the Series
2000-_ Supplement and reference is made to the Agreement and the Series 2000-_
Supplement for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Trustee. A copy of the Agreement and the Series 2000-_
Supplement (without schedules) may be requested from the Trustee by writing to
the Trustee at the Corporate Trust Office. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to them in the
Agreement or the Series 2000-_ Supplement, as applicable.
This Class B Certificate is issued under and is subject to the
terms, provisions and conditions of the Agreement and the Series 2000-_
Supplement, to which Agreement and Series 2000-_ Supplement, each as amended and
supplemented from time to time, the Class B Certificateholder by virtue of the
acceptance hereof assents and is bound.
THIS CLASS B CERTIFICATE IS SUBORDINATED, TO THE EXTENT
NECESSARY, TO FUND PAYMENTS ON THE CLASS A CERTIFICATES TO THE EXTENT SPECIFIED
IN THE SERIES 2000-_ SUPPLEMENT.
It is the intent of the Seller and the Investor
Certificateholders that, for federal, state and local income and franchise tax
purposes, the (i) Investor Certificates will qualify as debt of the Holder of
the Seller Certificate secured by the Receivables and (ii) the Trust shall not
be treated as an association or publicly traded partnership taxable as a
corporation. The Class B Certificateholder, by the acceptance of this Class B
Certificate, agrees to treat this Class B Certificate for federal, state and
local income and franchise tax purposes as debt.
Interest will accrue on the Class B Certificates for the
period from the Closing Date through ___________ __, 2000 at the rate of ___%
per annum and for the period from __________ __, 2000 through ___________ __,
2000 and for each Interest Period thereafter at a per annum rate of ___% above
LIBOR as determined on the LIBOR Determination Date and calculated on the basis
of actual days elapsed and a 360 day year.
In general, payments of principal with respect to the Class B
Certificates are limited to the Class B Invested Amount, which may be less then
the unpaid principal balance of the Class B Certificates. The Class B Expected
Final Payment Date is the ________ 20__ Distribution Date, but principal with
respect to the Class B Certificates may be paid earlier or later under certain
circumstances described in the Agreement and the Series 2000-_ Supplement. If
for one or more months during the Class B Amortization Period there are not
sufficient funds to pay the Controlled Distribution Amount, then to the extent
that excess funds are not available
A-2-2
56
on subsequent Distribution Dates with respect to the Class B Amortization Period
to make up for such shortfalls, the final payment of principal of the Class B
Certificates will occur later than the Class B Expected Final Payment Date.
Unless the certificate of authentication hereon has been
executed by or on behalf of the Trustee, by manual signature, this Class B
Certificate shall not be entitled to any benefit under the Agreement or the
Series 2000-_ Supplement or be valid for any purpose.
IN WITNESS WHEREOF, the Seller has caused this Class B
Certificate to be duly executed.
NATIONAL CITY BANK
as Seller and Servicer
By:_________________________________
Name:
Title:
Dated: ____________ __, 2000
A-2-3
57
TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is the Class B Certificate referred to in the Agreement
and Series 2000-_ Supplement.
THE BANK OF NEW YORK,
as Trustee
By:_____________________________
Authorized Signatory
Dated: ____________ __, 2000
58
NATIONAL CITY CREDIT CARD MASTER TRUST
SERIES 2000-_
CLASS B FLOATING RATE ASSET BACKED CERTIFICATE
Summary of Terms and Conditions
The Receivables consist of Principal Receivables which arise
generally from the purchase of goods and services and amounts advanced to
accountholders as cash advances and Finance Charge Receivables. This Class B
Certificate is one of a Series of Certificates entitled National City Card
Master Trust, Series 2000-_ (the "Series 2000-_ Certificates"), and one of a
class thereof entitled Class B Floating Rate Asset Backed Certificates, Series
2000-_ (the "Class B Certificates"), each of which represents a fractional
undivided interest in certain assets of the Trust. The assets of the Trust are
allocated in part to the certificateholders of all outstanding Series (the
"Certificateholders' Interest") with the remainder allocated to the Holders of
the Seller Certificate. The aggregate interest represented by the Class B
Certificates at any time in the Principal Receivables in the Trust shall not
exceed an amount equal to the Class B Invested Amount at such time. The Class B
Invested Amount will be $__________ on the Closing Date (the "Class B Initial
Invested Amount"). The Class B Invested Amount on any date will be an amount
equal to (a) the Class B Initial Invested Amount, minus (b) the aggregate amount
of principal payments made to the Class B Certificateholders on or prior to the
such date, minus (c) the aggregate amount of Class B Investor Charge-Offs for
all prior Distribution Dates, minus (d) the amount of Reallocated Principal
Collections allocated on all prior Distribution Dates, minus (e) an amount equal
to the amount by which the Class B Invested Amount has been reduced on all prior
Distribution Dates pursuant to Section 4.07(f) of the Series 2000-_ Supplement,
and plus (f) the amount of Excess Spread and Excess Finance Charge Collections
allocated and available on all prior Distribution Dates pursuant to Section
4.07(f) of the Series 2000-_ Supplement for the purpose of reimbursing amounts
deducted pursuant to the foregoing clauses (c), (d) and (e).
Subject to the terms and conditions of the Agreement, the
Seller may from time to time direct the Trustee, on behalf of the Trust, to
issue one or more new Series of Investor Certificates, which will represent
fractional undivided interests in certain of the Trust Assets.
On each Distribution Date, the Paying Agent shall distribute
to each Class B Certificateholder of record on the last day of the preceding
calendar month (each, a "Record Date") such Class B Certificateholder's pro rata
share of such amounts (including amounts on deposit in the Collection Account)
as are payable to the Class B Certificateholders pursuant to the Agreement and
the Series 2000-_ Supplement. Distributions with respect to this Class B
Certificate will be made by the Paying Agent by check mailed to the address of
the Class B Certificateholder of record appearing in the Certificate Register
without the presentation or surrender of this Class B Certificate or the making
of any notation thereon (except for the final distribution in respect of this
Class B Certificate) except that with respect to Class B Certificates registered
in the name of Cede & Co., the nominee for The Depository Trust Company,
distributions will be made in the form of immediately available funds. Final
payment of this Class B Certificate will be made only upon presentation and
surrender of this Class B Certificate at the office or agency specified in the
notice of final distribution delivered by the Trustee to the
59
Series 2000-_ Certificateholders in accordance with the Agreement and the Series
2000-_ Supplement.
On any day occurring on or after the day on which the Invested
Amount is reduced to __% or less of the Initial Invested Amount, each Seller has
the option to repurchase the Certificateholders' Interest in the Trust
represented by the Series 2000-_ Certificates. The repurchase price will be
equal to (a) if such day is a Distribution Date, the Reassignment Amount for
such Distribution Date or (b) if such day is not a Distribution Date, the
Reassignment Amount for the Distribution Date next following such day. Following
the deposit of the Reassignment Amount in the Collection Account, Class B
Certificateholders will not have any interest in the Receivables and the Class B
Certificates will represent only the right to receive such Reassignment Amount.
THIS CLASS B CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF,
OR AN INTEREST IN, THE SELLERS, THE SERVICER OR ANY AFFILIATE OF ANY OF THEM AND
IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. THIS CLASS B CERTIFICATE IS
LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS WITH RESPECT TO THE
RECEIVABLES (AND CERTAIN OTHER AMOUNTS), ALL AS MORE SPECIFICALLY SET FORTH
HEREINABOVE AND IN THE AGREEMENT AND THE SERIES 2000-_ SUPPLEMENT.
The Class B Certificates are issuable only in minimum
denominations of $1,000 and integral multiples of $1,000. The transfer of this
Class B Certificate shall be registered in the Certificate Register upon
surrender of this Class B Certificate for registration of transfer at any office
or agency maintained by the Transfer Agent and Registrar accompanied by a
written instrument of transfer, in a form satisfactory to the Trustee or the
Transfer Agent and Registrar, duly executed by the Class B Certificateholder or
such Class B Certificateholder's attorney, and duly authorized in writing with
such signature guaranteed, and thereupon one or more new Class B Certificates of
authorized denominations and for the same aggregate fractional undivided
interest will be issued to the designated transferee or transferees.
As provided in the Agreement and subject to certain
limitations therein set forth, Class B Certificates are exchangeable for new
Class B Certificates evidencing like aggregate fractional undivided interests as
requested by the Class B Certificateholder surrendering such Class B
Certificates. No service charge may be imposed for any such exchange but the
Servicer or Transfer Agent and Registrar may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
therewith.
The Servicer, the Trustee, the Paying Agent and the Transfer
Agent and Registrar and any agent of any of them, may treat the person in whose
name this Class B Certificate is registered as the owner hereof for all
purposes, and neither the Servicer nor the Trustee, the Paying Agent, the
Transfer Agent and Registrar, nor any agent of any of them, shall be affected by
notice to the contrary except in certain circumstances described in the
Agreement.
THIS CLASS B CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
A-1-6
60
ASSIGNMENT
Social Security or other identifying number of assignee_______________________
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto___________________________________________________________________________
(name and address of assignee)
the within certificate and all rights thereunder, and hereby irrevocably
constitutes and appoints _____________________, attorney, to transfer said
certificate on the books kept for registration thereof, with full power of
substitution in the premises.
__________________________ *
Signature Guaranteed:
__________________________
______________
* NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Certificate in every
particular, without alteration, enlargement or any change whatsoever.
61
EXHIBIT B
---------
FORM OF MONTHLY PAYMENT INSTRUCTIONS AND
NOTIFICATION TO THE TRUSTEE
---------------------------------
NATIONAL CITY BANK
as Servicer
---------------------------------
NATIONAL CITY CREDIT CARD MASTER TRUST
SERIES 2000-_
---------------------------------
The undersigned, a duly authorized representative of National
City Bank, as Seller and Servicer (in such capacity, "National City") pursuant
to the Pooling and Servicing Agreement dated as of June 1, 1995 as amended and
restated as of July 1, 2000 (the "Pooling and Servicing Agreement"), between
National City and The Bank of New York, as trustee (the "Trustee"), does hereby
certify as follows:
1. Capitalized terms used in this Certificate have their
respective meanings set forth in the Pooling and Servicing Agreement or the
Series 2000-_ Supplement thereto dated as of __________ __, 2000, among National
City and the Trustee (the "Series 2000-_ Supplement"), as applicable. This
Certificate is delivered pursuant to Section 5.02(a) of the Series 2000-_
Supplement.
2. National City is the Servicer.
3. The undersigned is a Servicing Officer.
62
I. INSTRUCTION TO MAKE A WITHDRAWAL
--------------------------------
Pursuant to Section 4.05, the Servicer does hereby instruct the Trustee
(i) to make withdrawals from the Collection Account on __________ __, ____,
which date is a Distribution Date under the Pooling and Servicing Agreement, in
the aggregate amounts (equal to the Class A Available Funds and Class B
Available Funds, respectively) as set forth below in respect of the following
amounts and (ii) to apply the proceeds of such withdrawals in accordance with
Section 4.05:
With respect to the Class A Certificates,
(A) Pursuant to Section 4.05(a)(i):
(1) Interest at the Class A Certificate Rate for the
related Interest Period on the Class A Invested
Amount............................... $____________
(2) Class A Monthly Interest previously due but not
paid................................. $____________
(3) Class A Additional Interest and any Class A
Additional Interest previously due but not
paid................................. $____________
(B) Pursuant to Section 4.05(a)(ii):
-------------------------------
(1) The Class A Servicing Fee for the preceding Monthly
Period............................... $____________
(2) Class A Servicing Fees previously due but not
paid................................. $____________
(C) Pursuant to Section 4.05(a)(iii):
--------------------------------
(1) Class A Investor Default Amount for the preceding
Monthly Period....................... $____________
With respect to the Class B Certificates,
(A) Pursuant to Section 4.05(b)(i):
(1) Interest at the Class B Certificate Rate for the
preceding Monthly Period on the Class B Invested
Amount............................... $____________
B-2
63
(2) Class B Monthly Interest previously due but not
paid................................. $____________
(3) Class B Additional Interest and any Class B
Additional Interest previously due but not
paid................................. $____________
(B) Pursuant to Section 4.05(b)(ii):
-------------------------------
(1) The Class B Servicing Fee for the preceding Monthly
Period............................... $____________
(2) Class B Servicing Fees previously due but not
paid................................. $____________
Pursuant to Section 4.07(a), the Servicer does hereby instruct the
Trustee to apply on __________ __, ____, which date is a Distribution Date under
the Pooling and Servicing Agreement, the following amounts:
(A) Excess Spread to pay any deficiency in the Required
Amount........................................ $____________
(B) Excess Finance Charge Collections allocated to the Series
2000-_ Certificates to pay any remaining deficiencies in the
Required Amount............................... $____________
Pursuant to Section 4.07, the Servicer does hereby instruct the Trustee
to apply on __________ __, ____, which is a Distribution Date under the Pooling
and Servicing Agreement, any Excess Spread and Excess Finance Charge Collections
allocated to Series 2000-_ remaining after payments of any deficiency in the
Required Amount pursuant to subsection 4.07 as follows:
(A) Pursuant to Section 4.07(b):
---------------------------
Aggregate amount of Class A Investor Charge-Offs not
previously reimbursed allocated to Available Principal
Collections.................................... $____________
(B) Pursuant to Section 4.07(c):
---------------------------
Class B Monthly Interest which is due but not paid and Class B
Monthly Interest Class B Additional Interest previously due
but not paid and not available from Class B Available
Funds.......................................... $____________
B-3
64
(C) Pursuant to Section 4.07(d):
---------------------------
The Class B Servicing Fee for the preceding Monthly Period and
Class B Servicing Fees previously due but not
paid........................................... $____________
(D) Pursuant to Section 4.07(e):
---------------------------
The Class B Investor Default Amount for such Distribution
Date........................................... $____________
(E) Pursuant to Section 4.07(f):
---------------------------
The amount by which the Class B Invested Amount has been
reduced pursuant to clauses (c), (d) and (e) of the definition
thereof........................................ $____________
(F) Pursuant to Section 4.07(g):
---------------------------
Collateral Default Amount to be treated as a portion of
Available Principal Collections for such Distribution
Date........................................... $____________
(G) Pursuant to Section 4.07(h):
---------------------------
Reimbursement of prior reductions in Collateral Interest
Amount has been reduced for reasons other than the payment of
amounts with respect to the Collateral Invested Amount (but
not in excess of the aggregate amount of such reductions which
have not been previously reimbursed) which will be treated as
a portion of Available Principal
Collections.................................... $____________
(H) Pursuant to Section 4.07(i):
---------------------------
Excess of the Required Reserve Account Amount over the
Available Reserve Account Amount to be deposited into the
Reserve Account................................ $____________
(I) Pursuant to Section 4.07(j):
---------------------------
The amount to be treated as Excess Finance Charge Collections
and allocated to other Series in Group One or the Holders of
the Seller Certificate......................... $____________
B-4
65
Pursuant to Section 4.08, the Servicer does hereby instruct the Trustee
to apply on __________ __, ____, which is a Distribution Date under the Pooling
and Servicing Agreement, $_________ of Reallocated Principal Collections to fund
any deficiencies in the Required Amount after applying Class A Available Funds,
Excess Spread and Excess Finance Charge Collections thereto.
Pursuant to Sections 4.03, 4.05(d) and 5.01(b), the Servicer does
hereby instruct the Trustee (i) to make a withdrawal from the Collection Account
on _________ __, ____, which is a Distribution Date under the Pooling and
Servicing Agreement, in an aggregate amount as set forth below in respect of the
following amounts and (ii) to apply the proceeds of such withdrawal in
accordance with Sections 4.11 and 5.01:
(A) Class A Monthly Principal....................... $____________
(B) Class B Monthly Principal....................... $____________
II. ACCRUED AND UNPAID AMOUNTS
--------------------------
After giving effect to the withdrawals and transfers to be made in
accordance with this notice, the following amounts will be accrued and unpaid
with respect to all Monthly Periods preceding the current calendar month.
(A) Pursuant to Section 4.06(a):
---------------------------
The aggregate amount of all unreimbursed Class A Investor
Charge-Offs................................ $____________
(B) Pursuant to Section 4.06(b):
The aggregate amount of all unreimbursed Class B Investor
Charge-Offs................................ $____________
IN WITNESS WHEREOF, the undersigned has duly executed this Certificate
this ____ day of _________, ____.
NATIONAL CITY BANK,
as Seller and Servicer
By:___________________________
Name:
Title:
B-5
66
EXHIBIT C
---------
FORM OF MONTHLY CERTIFICATEHOLDERS' STATEMENT
NATIONAL CITY CREDIT CARD MASTER TRUST
SERIES 2000-_
Pursuant to the Pooling and Servicing Agreement dated as of June 1,
1995 as amended and restated as of July 1, 2000 (the "Pooling and Servicing
Agreement"), among National City Bank, as Seller and Servicer (in its capacity
as Servicer, "National City") and The Bank of New York, as trustee (the
"Trustee"), as supplemented by the Series 2000-_ Supplement, dated as of
__________ __, 2000 National City as Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the National City Credit Card Master Trust (the "Trust")
during the previous month. The information which is required to be prepared with
respect to the Distribution Date of ________ __, ____, and with respect to the
performance of the Trust during the month of __________ is set forth below.
Certain of the information is presented on the basis of an original principal
amount of $1,000 per Series 2000-_ Certificate (a "Certificate"). Certain other
information is presented based on the aggregate amounts for the Trust as a
whole. Capitalized terms used in this Monthly Statement have their respective
meanings set forth in the Pooling and Servicing Agreement and the Series 2000-_
Supplement.
(A) Information Regarding Distributions to the Class A
Certificateholders, per $1,000 original certificate principal
amount:
(1) The total amount of the distribution to Class A
Certificatehol per $1,000 original certificate
principal amount....................... $____________
(2) The amount of the distribution set forth in paragraph
(1) above in respect of interest on the Class A
Certificates, per $1,000 original certificate
principal amount....................... $____________
(3) The amount of the distribution set forth in paragraph
(1) abov of principal of the Class A Certificates,
per $1,000 original certificate principal
amount................................. $____________
(B) Class A Investor Charge-Offs and Reimbursement of Charge-Offs:
(1) The amount of Class A Investor
Charge-Offs............................ $____________
C-1
67
(2) The amount of Class A Investor Charge-Offs set forth
in paragraph (1) above, per $1,000 original
certificate principal amount........... $____________
(3) The total amount reimbursed in respect of Class A
Investor Charge-Offs................... $____________
(4) The amount set forth in paragraph (3) above, per
$1,000 original certificate principal
amount................................. $____________
(5) The amount, if any, by which the outstanding
principal balance of the Class A Certificates exceeds
the Class A Invested Amount after giving effect to
all transactions on such Distribution
Date................................... $____________
(C) Information Regarding Distributions to the Class B
Certificateholders, per $1,000 original certificate principal
amount:
(1) The total amount of the distribution to Class B
Certificateholders, per $1,000 original certificate
principal amount....................... $____________
(2) The amount of the distribution set forth in paragraph
(1) above in respect of interest on the Class B
Certificates, per $1,000 original certificate
principal amount....................... $____________
(3) The amount of the distribution set forth in paragraph
(1) above in respect of principal of the Class B
Certificates, per $1,000 original certificate
principal amount....................... $____________
(D) Class B Investor Charge-Offs and Reimbursement of Charge-Offs:
(1) The amount of Class B Investor
Charge-Offs............................ $____________
(2) The amount of Class B Investor Charge-Offs set forth
in paragraph (1) above, per $1,000 original
certificate principal amount........... $____________
(3) The total amount reimbursed in respect of Class B
Investor Charge-Offs................... $____________
(4) The amount set forth in paragraph (3) above, per
$1,000 original certificate principal
amount................................. $____________
C-2
68
(5) The amount, if any, by which the outstanding
principal balance of the Class B Certificates exceeds
the Class B Invested Amount after giving effect to
all transactions on such Distribution
Date................................... $____________
IN WITNESS WHEREOF, the undersigned has duly executed this Certificate
this ____ day of __________, ____.
NATIONAL CITY BANK,
as Seller and Servicer
By:______________________________
Name:
Title:
C-3
69
RECEIVABLES --
Beginning of the Month Principal Receivables: $____________
Beginning of the Month Finance Charge Receivables: $____________
Beginning of the Month Discounted Receivables: $____________
Beginning of the Month Total Receivables: $____________
Removed Principal Receivables: $____________
Removed Finance Charge Receivables: $____________
Removed Total Receivables: $____________
Additional Principal Receivables: $____________
Additional Finance Charge Receivables: $____________
Additional Total Receivables: $____________
Discounted Receivables Generated this Period: $____________
End of the Month Principal Receivables: $____________
End of the Month Finance Charge Receivables: $____________
End of the Month Discounted Receivables: $____________
End of the Month Total Receivables: $____________
Special Funding Account Balance $____________
Aggregate Invested Amount (all Master Trust Series) $____________
End of the Month Seller Amount $____________
End of the Month Seller Percentage ____________%
X-0
00
XXXXXXXXXXXXX XXX XXXXXX --
Xxx of the Month Delinquencies: RECEIVABLES
-----------
30-59 Days Delinquent $____________
60-89 Days Delinquent $____________
90+ Days Delinquent $____________
Total 30+ Days Delinquent $____________
Defaulted Accounts During the Month $____________
INVESTED AMOUNTS --
Class A Initial Invested Amount $____________
Class B Initial Invested Amount $____________
INITIAL INVESTED AMOUNT $____________
Class A Invested Amount $____________
Class B Invested Amount $____________
INVESTED AMOUNT $____________
FLOATING ALLOCATION PERCENTAGE ____________%
PRINCIPAL ALLOCATION PERCENTAGE ____________%
MONTHLY SERVICING FEE $____________
INVESTOR DEFAULT AMOUNT $____________
C-5
71
CLASS A AVAILABLE FUNDS --
CLASS A FLOATING PERCENTAGE ____________%
Class A Finance Charge Collections $____________
Other Amounts $____________
TOTAL CLASS A AVAILABLE FUNDS $____________
Class A Monthly Interest $____________
Class A Servicing Fee $____________
Class A Investor Default Amount $____________
TOTAL CLASS A EXCESS SPREAD $____________
REQUIRED AMOUNT $____________
CLASS B AVAILABLE FUNDS --
$____________
CLASS B FLOATING PERCENTAGE ____________%
Class B Finance Charge Collections $____________
Other Amounts $____________
TOTAL CLASS B AVAILABLE FUNDS $____________
Class B Monthly Interest $____________
Class B Servicing Fee $____________
Class B Investor Default Amount $____________
TOTAL CLASS B EXCESS SPREAD $____________
C-6
72
EXCESS SPREAD --
TOTAL EXCESS SPREAD $____________
Excess Spread Applied to the Required
Amount $____________
Excess Spread Applied to Class A Investor $____________
Charge-Offs
Excess Spread Applied to Class B Items $____________
Excess Spread Applied to Class B Investor
Charge-Offs $____________
Excess Spread Applied to Collateral
Charge-Offs $____________
Excess Spread Applied to other amounts
owed to Cash Collateral Depositor $____________
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE
FOR GROUP ONE $____________
EXCESS FINANCE CHARGES COLLECTIONS --
GROUP ONE --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP ONE $____________
C-7
73
SERIES 2000-_ EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS
ALLOCATED TO SERIES 2000-_ $____________
Excess Finance Charge Collections Applied to
the Required Amount $____________
Excess Finance Charge Collections Applied to
Class A Investor Charge-Offs $____________
Excess Finance Charge Collections Applied to
Class B Items $____________
Excess Finance Charge Collections Applied to
Class B Investor Charge-Offs $____________
Excess Finance Charge Collections Applied to
Collateral Charge-Offs $____________
Excess Finance Charge Collections Applied to
other amounts owed to the Cash Collateral
Depositor $____________
YIELD AND BASE RATE --
Base Rate (Current Month) ____________%
Base Rate (Prior Month) ____________%
Base Rate (Two Months Ago) ____________%
THREE MONTH AVERAGE BASE RATE ____________%
Portfolio Yield (Current Month) ____________%
Portfolio Yield (Prior Month) ____________%
Portfolio Yield (Two Months Ago) ____________%
THREE MONTH AVERAGE PORTFOLIO YIELD ____________%
PRINCIPAL COLLECTIONS --
C-8
74
CLASS A PRINCIPAL PERCENTAGE ____________%
Class A Principal Collections $____________
CLASS B PRINCIPAL PERCENTAGE ____________%
Class B Principal Collections $____________
TOTAL PRINCIPAL COLLECTIONS $____________
REALLOCATED PRINCIPAL COLLECTIONS $____________
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM
OTHER SERIES $____________
CLASS A AMORTIZATION --
Controlled Amortization Amount $____________
Deficit Controlled Amortization Amount $____________
CONTROLLED DISTRIBUTION AMOUNT $____________
C-9
75
CLASS B AMORTIZATION --
Controlled Amortization Amount $____________
Deficit Controlled Amortization Amount $____________
CONTROLLED DISTRIBUTION AMOUNT $____________
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL SHARING $____________
INVESTOR CHARGE-OFFS --
CLASS A INVESTOR CHARGE-OFFS $____________
CLASS B INVESTOR CHARGE-OFFS $____________
PREVIOUS CLASS A CHARGE-OFFS REIMBURSED $____________
PREVIOUS CLASS B CHARGE-OFFS REIMBURSED $____________
NATIONAL CITY BANK,
as Seller and Servicer
By:_______________________________
Name:
Title:
X-00
00
XXXXXXX X
---------
FORM OF MONTHLY SERVICER'S CERTIFICATE
NATIONAL CITY BANK
NATIONAL CITY CREDIT CARD MASTER TRUST
SERIES 2000-_
The undersigned, a duly authorized representative of National City
Bank, as Servicer (in such capacity, "National City"), pursuant to the Pooling
and Servicing Agreement dated as of June 1, 1995 as amended and restated as of
July 1, 2000 (the "Agreement"), as supplemented by the Series 2000-_ Supplement
(the "Series 2000-_ Supplement"), between National City, as Seller and Servicer
and The Bank of New York, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective
meanings as set forth in the Agreement or the Series 2000-_ Supplement, as
applicable.
2. National City is, as of the date hereof, the Servicer under the
Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date occurring on
__________ __, _______.
5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects all its obligations under the
Agreement through the Monthly Period preceding such Distribution Date [or, if
there has been a default in the performance of any such obligation, set forth in
detail the (i) nature of such default, (ii) the action taken by the Servicer, if
any, to remedy such default and (iii) the current status of each such default;
if applicable, insert "None"].
6. As of the date hereof, to the best knowledge of the undersigned, no
Pay Out Event occurred on or prior to such Distribution Date.
77
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this Certificate this ____ day of _____________, ____.
NATIONAL CITY BANK
as Seller and Servicer
By:__________________________________
Name:
Title:
D-2
78
EXHIBIT E
---------
FORM OF INVESTMENT LETTER
[DATE]
Re: National City Credit Card Master Trust;
Purchases of Series 2000-1 Collateral Interest
Ladies and Gentlemen:
This letter (the "Investment Letter") is delivered by the
undersigned (the "PURCHASER") pursuant to SECTION 9.05 of the Series 2000-1
Supplement dated as of August __, 2000 (the "SERIES SUPPLEMENT") to the Pooling
and Servicing Agreement dated as of June 1, 1995, as amended and restated as of
July 1, 2000 (as amended and supplemented, the "AGREEMENT"), each among The Bank
of New York, as Trustee, and National City Bank, as Seller and Servicer.
Capitalized terms used herein without definition shall have the meanings set
forth in the Agreement. The Purchaser represents to and agrees with the Seller
as follows:
(a) The Purchaser has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of its investment in the Collateral Interest and is able to bear the
economic risk of such investment.
(b) The Purchaser is an "accredited investor", as defined in
Rule 501, promulgated by the Securities and Exchange Commission (the
"COMMISSION") under the Securities Act of 1933, as amended (the "SECURITIES
ACT"), or is a sophisticated institutional investor. The Purchaser understands
that the offering and sale of the Collateral Interest has not been and will not
be registered under the Securities Act and has not and will not be registered or
qualified under any applicable "Blue Sky" law, and that the offering and sale of
the Collateral Interest has not been reviewed by, passed on or submitted to any
federal or state agency or commission, securities exchange or other regulatory
body.
(c) The Purchaser is acquiring an interest in the Collateral
Interest without a view to any distribution, resale or other transfer thereof
except, with respect to any Collateral Interest or any interest or participation
therein, as contemplated in the following sentence. The Purchaser will not
resell or otherwise transfer any interest or participation in the Collateral
Interest, except in accordance with SECTION 9.05 of the Series Supplement and
(i) in a transaction exempt from the registration requirements of the Securities
Act of 1933, as amended, and applicable state securities or "blue sky" laws;
(ii) to the Seller or any affiliate of the Seller; or (iii) to a person who the
Purchaser reasonably believes is a qualified institutional buyer (within the
meaning thereof in Rule 144A under the Securities Act) that is aware that the
resale or other transfer is being made in reliance upon Rule 144A. In connection
therewith, the Purchaser hereby agrees that it will not resell or otherwise
transfer the Collateral Interest or any interest therein unless the purchaser
thereof provides to the addressee hereof a letter substantially in the form
hereof.
79
(d) No portion of the Collateral Interest or any interest
therein may be Transferred, and each Assignee will certify that it is not, (a)
an "employee benefit plan" (as defined in Section 3(3) of ERISA), including
governmental plans and church plans, (b) any "plan" (as defined in Section
4975(e)(1) of the Code) including individual retirement accounts and Xxxxx
plans, or (c) any other entity whose underlying assets include "plan assets"
(within the meaning of Department of Labor Regulation Section 2510.3-101, 29
C.F.R. se. 2510.3-101 or otherwise under ERISA) by reason of a plan's investment
in the entity, including, without limitation, an insurance company general
account.
(e) This Investment Letter has been duly executed and
delivered and constitutes the legal, valid and binding obligation of the
Purchaser, enforceable against the Purchaser in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws or equitable principles affecting the
enforcement of creditors' rights generally and general principles of equity.
Very truly yours,
[NAME OF PURCHASER]
By:___________________________
Name:
Title:
AGREED TO AS OF THE
DATE FIRST ABOVE WRITTEN:
NATIONAL CITY BANK,
By:_______________________
Name:
Title:
E-2
80
SCHEDULE I
APPROVED SECURITIES DEALERS
