Finance Charge Shortfalls definition
Examples of Finance Charge Shortfalls in a sentence
The Servicer shall pay any Excess Finance Charge Collections remaining on such Distribution Date after payment in full of Finance Charge Shortfalls for all Series in such Group to the Holder of the Exchangeable Transferor Certificate.
On each Distribution Date, Excess Finance Charge Collections from each Group shall be allocated by the Servicer to each outstanding Series in such Group pro rata based on the Finance Charge Shortfalls (as defined in the related Supplements) for all such Series in such Group.
Excess Finance Charge Collections remaining after their application to cover Finance Charge Shortfalls for Group One, shall be (i) first, following a Servicer Default and the appointment of a Successor Servicer, paid to the Successor Servicer to pay any unpaid Excess Servicing Fees, (ii) second, deposited to the Funding Account in an amount up to the Funding Account Deficiency, if any, and (iii) third, distributed to Transferor.
Excess Finance Charges for any Distribution Date will be allocated to Series 2002-A in an amount equal to the product of (x) the aggregate amount of Excess Finance Charges for such Distribution Date and (y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 2002-A 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.
Any Shared Finance Charge Collections in excess of the aggregate Finance Charge Shortfalls for all Finance Charge Sharing Series on any Determination Date shall be paid to the holder of the Seller Interest.