Common use of Determination of Monthly Interest Clause in Contracts

Determination of Monthly Interest. (a) The amount of monthly interest distributable in respect of the Class A-1 Certificates on each Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (B) the sum of the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and 1.0% per annum, and (C) any Class A-1 Deficiency Amounts from the prior Distribution Date, as defined below, or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior to the immediately preceding Interest Period, over the amount actually paid to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Dates.

Appears in 2 contracts

Sources: Series Supplement (Alliance Data Systems Corp), Pooling and Servicing Agreement (Charming Shoppes Inc)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes on each any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the December 2011 Distribution Date shall be $420,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 2 contracts

Sources: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest distributable in respect of to the Class A-1 A Certificates on each Distribution Date shall be an amount equal to the product of (ii)(A) a fraction, the numerator of which is the Specified Days actual number of days in the related Interest Period and the denominator of which is 360, times (iiB) the Class A-1 A Certificate Rate in effect with respect to the related Interest Period, and (iiiii) the outstanding principal amount balance of the Class A-1 A Certificates determined as of the Record Date preceding such Distribution the related Transfer Date (the "Class A-1 A Monthly Interest"); provided, however, that in addition to Class A-1 A Monthly Interest an amount equal to the amount of any unpaid Class A-1 A Deficiency Amounts, as defined below, plus an amount equal to the product of (A) (1) a fraction, the numerator of which is the Specified Days actual number of days in the related Interest Period and the denominator of which is 360, times (B2) the sum of the Class A-1 A Certificate Rate in effect with respect to the related Interest Period, and 1.0plus 2% per annum, and (CB) any Class A-1 A Deficiency Amounts Amount from the prior Distribution Transfer Date, as defined below, below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders A Certificateholders) (the "Class A-1 A Additional Interest”), ") shall also be distributable in respect of to the Class A-1 A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account. The "Class A-1 A Deficiency Amount" for any Distribution Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all as of the prior Interest Periods prior to the immediately preceding Interest Period, Period over the amount actually paid transferred to Class A-1 Certificateholders in respect the Distribution Account for payment of such amounts on all prior Distribution Datesamount.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Wachovia Credit Card Master Trust), Pooling and Servicing Agreement (Wachovia Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes on each any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the August 2010 Distribution Date shall be $1,446,875.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 2 contracts

Sources: Indenture Supplement (WFN Credit Co LLC), Indenture Supplement (WFN Credit Co LLC)

Determination of Monthly Interest. (a) The amount of monthly interest distributable in with respect of to the Class A-1 A Certificates on each Distribution Date shall be an amount equal to one- twelfth of the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, Class A Certificate Rate times (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount balance of the Class A-1 A Certificates determined as of the Record Date preceding such Distribution the related Transfer Date (the "Class A-1 A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $4,766,666.67; provided further, that in addition to Class A-1 A Monthly Interest an amount equal to the amount of any unpaid Class A-1 A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (B) the sum of the Class A-1 A Certificate Rate in effect with respect to the related Interest Period, and 1.0plus 2% per annum, and (CB) any Class A-1 A Deficiency Amounts Amount from the prior Distribution Transfer Date, as defined below, below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders A Certificateholders) (the "Class A-1 A Additional Interest”), ") shall also be distributable in respect of to the Class A-1 A Certificates. The “, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A-1 A Deficiency Amount" for any Distribution Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a4.06(a) for all as of the prior Interest Periods prior to the immediately preceding Interest Period, Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $448,250; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders in respect B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amounts amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (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 Distribution DatesTransfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding July 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes for any Interest Period on each the related Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the July 2023 Distribution Date shall be $2,879,527.78. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 2 contracts

Sources: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest distributable in with respect of to the Class A-1 A Certificates on each Distribution Date shall be an amount equal to one- twelfth of the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, Class A Certificate Rate times (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount balance of the Class A-1 A Certificates determined as of the Record Date preceding such Distribution the related Transfer Date (the "Class A-1 A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $5,119,479.17; provided further, that in addition to Class A-1 A Monthly Interest an amount equal to the amount of any unpaid Class A-1 A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (B) the sum of the Class A-1 A Certificate Rate in effect with respect to the related Interest Period, and 1.0plus 2% per annum, and (CB) any Class A-1 A Deficiency Amounts Amount from the prior Distribution Transfer Date, as defined below, below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders A Certificateholders) (the "Class A-1 A Additional Interest”), ") shall also be distributable in respect of to the Class A-1 A Certificates. The “, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A-1 A Deficiency Amount" for any Distribution Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a4.06(a) for all as of the prior Interest Periods prior to the immediately preceding Interest Period, Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $474,687.50; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders in respect B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amounts amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one twelfth of the product of (i) the Collateral Minimum Rate, times (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 Distribution DatesTransfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding May 17, 1999. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest distributable in with respect of to the Class A-1 A Certificates on each Distribution Date shall be an amount equal to one- twelfth of the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, Class A Certificate Rate times (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount balance of the Class A-1 A Certificates determined as of the Record Date preceding such Distribution the related Transfer Date (the "Class A-1 A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $4,815,781.25; provided further, that in addition to Class A-1 A Monthly Interest an amount equal to the amount of any unpaid Class A-1 A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (B) the sum of the Class A-1 A Certificate Rate in effect with respect to the related Interest Period, and 1.0plus 2% per annum, and (CB) any Class A-1 A Deficiency Amounts Amount from the prior Distribution Transfer Date, as defined below, below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders A Certificateholders) (the "Class A-1 A Additional Interest”), ") shall also be distributable in respect of to the Class A-1 A Certificates. The “, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A-1 A Deficiency Amount" for any Distribution Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a4.06(a) for all as of the prior Interest Periods prior to the immediately preceding Interest Period, Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $436,484.38; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders in respect B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amounts amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (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 Distribution DatesTransfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding April 17, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest distributable in with respect of to the Class A-1 A Certificates on each Distribution Date shall be an amount equal to one- twelfth of the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, Class A Certificate Rate times (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount balance of the Class A-1 A Certificates determined as of the Record Date preceding such Distribution the related Transfer Date (the "Class A-1 A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $3,428,333.33; provided further, that in addition to Class A-1 A Monthly Interest an amount equal to the amount of any unpaid Class A-1 A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (B) the sum of the Class A-1 A Certificate Rate in effect with respect to the related Interest Period, and 1.0plus 2% per annum, and (CB) any Class A-1 A Deficiency Amounts Amount from the prior Distribution Transfer Date, as defined below, below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders A Certificateholders) (the "Class A-1 A Additional Interest”), ") shall also be distributable in respect of to the Class A-1 A Certificates. The “, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A-1 A Deficiency Amount" for any Distribution Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a4.06(a) for all as of the prior Interest Periods prior to the immediately preceding Interest Period, Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $311,666.67; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders in respect B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amounts amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (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 Distribution DatesTransfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding January 18, 2000. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Sources: Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest distributable in respect of to the Class A-1 A Certificates on each Distribution Date shall be an amount equal to the product of (i) a fraction(A) one-twelfth, times (B) the numerator of which is the Specified Days and the denominator of which is 360, Class A Certificate Rate times (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount balance of the Class A-1 A Certificates determined as of the Record Date preceding such the related Transfer Date, provided that on the first Distribution Date interest will be distributable to the Class A Certificates in the amount of $1,684,587.50 (the "Class A-1 A Monthly Interest"); provided, provided further that in addition to Class A-1 A Monthly Interest an amount equal to the amount of any unpaid Class A-1 A Deficiency Amounts, as defined below, below plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (B1) one-twelfth times (2) the sum of the Class A-1 A Certificate Rate in effect with respect to the related Interest Period, and 1.0plus 2% per annum, and (CB) any Class A-1 A Deficiency Amounts Amount from the prior Distribution Transfer Date, as defined below, below (or the portion thereof which that has not theretofore been paid to Class A-1 Certificateholders A Holders) (the "Class A-1 A Additional Interest"), shall also be distributable in respect of to the Class A-1 A Certificates, and on such Transfer Date Trustee shall deposit such funds, to the extent available, into the Distribution Account. The "Class A-1 A Deficiency Amount" for any Distribution Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a4.8(a) for all as of the prior Interest Periods prior to the immediately preceding Interest Period, Period over the amount actually paid transferred to Class A-1 Certificateholders in respect the Distribution Account for payment of such amounts on all prior Distribution Datesamount. 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.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (First National Bank of Commerce), Pooling and Servicing Agreement (First National Bank of Commerce)

Determination of Monthly Interest. (a) The amount of monthly interest distributable in with respect of to the Class A-1 A Certificates on each Distribution Date shall be an amount equal to one- twelfth of the product of (i) a fractionthe Class A Certificate Rate, the numerator of which is the Specified Days and the denominator of which is 360, times (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount balance of the Class A-1 A Certificates determined as of the Record Date preceding such Distribution the related Transfer Date (the "Class A-1 A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $4,757,638.89; provided further, that in addition to Class A-1 A Monthly Interest an amount equal to the amount of any unpaid Class A-1 A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (B) the sum of the Class A-1 A Certificate Rate in effect with respect to the related Interest PeriodRate, and 1.0plus 2% per annum, and (CB) any Class A-1 A Deficiency Amounts Amount from the prior Distribution Transfer Date, as defined below, below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders A Certificateholders) (the "Class A-1 A Additional Interest”), ") shall also be distributable in respect of to the Class A-1 A Certificates. The “, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A-1 A Deficiency Amount" for any Distribution Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a4.06(a) for all as of the prior Interest Periods prior to the immediately preceding Interest Period, Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates 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 in effect with respect to the related Interest Period, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to the product of (A) (1) 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 (2) the sum of the Class B Certificate Rate in effect with respect to the related Interest Period, plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders in respect B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amounts amount. Class B Monthly Interest shall be calculated on all the basis of the actual number of days in the related Interest Period and a 360-day year. (c) The amount of monthly interest distributable with respect to the Collateral Interest 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 Collateral Rate in effect with respect to the related Interest Period, times (ii) the Collateral Interest determined as of the Record Date preceding such Transfer Date (the "Collateral Monthly Interest"); provided, however, that for the purposes of determining Collateral Monthly Interest only, the Collateral Rate shall not exceed a per annum rate of 1.10% in excess of the London interbank offered rate for one-month United States dollar deposits determined by the Trustee on the second London Business Day prior Distribution Datesto the Transfer Date on which the related Interest Period commences.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes for any Interest Period on each the related Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the July 2024 Distribution Date shall be $4,558,333.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2 as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 2 contracts

Sources: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest distributable in with respect of to the Class A-1 A Certificates on each Distribution Date shall be an amount equal to one- twelfth of the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, Class A Certificate Rate times (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount balance of the Class A-1 A Certificates determined as of the Record Date preceding such Distribution the related Transfer Date (the "Class A-1 A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $7,593,333.33; provided further, that in addition to Class A-1 A Monthly Interest an amount equal to the amount of any unpaid Class A-1 A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (B) the sum of the Class A-1 A Certificate Rate in effect with respect to the related Interest Period, and 1.0plus 2% per annum, and (CB) any Class A-1 A Deficiency Amounts Amount from the prior Distribution Transfer Date, as defined below, below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders A Certificateholders) (the "Class A-1 A Additional Interest”), ") shall also be distributable in respect of to the Class A-1 A Certificates. The “, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A-1 A Deficiency Amount" for any Distribution Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a4.06(a) for all as of the prior Interest Periods prior to the immediately preceding Interest Period, Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one- twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $701,406.25; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one- twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders in respect B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amounts amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one- twelfth of the product of (i) the Collateral Minimum Rate, times (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 Distribution DatesTransfer Dates (the "Collateral Minimum Monthly Interest"); provided, however, that with respect to the first Transfer Date, Collateral Minimum Monthly Interest will include accrued interest at the Collateral Minimum Rate from and including the Closing Date through but excluding November 15, 1999. Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes for any Interest Period on each the related Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the December 2014 Distribution Date shall be $528,305.56. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A-1 A Deficiency Amounts from Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2 as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable in from the Collection Account with respect of to the Class A-1 A Certificates on each any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the Specified Days Class A Certificate Rate and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount balance of the Class A-1 A Certificates determined as of close of business on the immediately preceding Record Date preceding such Date; provided that Class A Monthly Interest for the first Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest shall be an amount equal to $2,712,225. 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. If the Class A Interest Shortfall with respect to any unpaid Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A-1 Deficiency AmountsA Interest Shortfall is fully paid, as defined below, plus an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (Bi) the sum of (x) the Class A-1 A Certificate Rate in effect with respect to the related Interest Period, and 1.0(y) 2.0% per annum, annum and (Cii) any such Class A-1 Deficiency Amounts from the prior Distribution Date, as defined below, A Interest Shortfall (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. The “Notwithstanding anything to the contrary herein, Class A-1 Deficiency Amount” for any Distribution Date A Additional Interest shall be equal payable or distributed to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Certificateholders only to the immediately preceding Interest Period, over the amount actually paid to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesextent permitted by applicable law.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest distributable in respect of to the Class A-1 A Certificates on each Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the Specified Days Class A Certificate Rate and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount balance of the Class A-1 A Certificates determined as of the Record close of business on the Distribution Date preceding such Distribution the related Transfer Date (after giving effect to all of the transactions occurring on such date) (the "Class A-1 A Monthly Interest"); provided, -------- however, that with respect to the first Distribution Date, Class A Monthly ------- Interest will include, accrued interest at the Class A Certificate Rate from the Closing Date through February 14, 1998 (calculated as though there were 30 days in each of December and January); provided, further, that in addition to Class A-1 A -------- ------- Monthly Interest an amount equal to the amount of any unpaid Class A-1 A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (B) the sum of the Class A-1 A Certificate Rate in effect with respect to the related Interest Period, and 1.0plus 2% per annum, and (CB) any Class A-1 A Deficiency Amounts Amount from the prior Distribution Transfer Date, as defined below, below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders A Certificateholders) (the "Class A-1 A Additional Interest”), ") shall also be distributable in respect of to the Class A-1 A Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account. The "Class A-1 A Deficiency Amount" for any Distribution Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all as of the prior Interest Periods prior to the immediately preceding Interest Period, Period over the amount actually paid transferred to Class A-1 Certificateholders in respect the Distribution Account for payment of such amounts on all prior Distribution Datesamount.

Appears in 1 contract

Sources: Supplement (Chase Manhattan Bank Usa)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes on each any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the September 2009 Distribution Date shall be $230,755.56. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (WFN Credit Co LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes on each any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the May 2012 Distribution Date shall be $1,187,312.50. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes on each any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the October 2008 Distribution Date shall be $614,315.63. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (WFN Credit Co LLC)

Determination of Monthly Interest. (a) The amount of monthly interest distributable in from the Collection Account with respect to the Class A-1 Notes on any Distribution Date (“Class A-1 Monthly Interest”) shall be an amount equal to the sum of the Class A-1 Certificates on Daily Interest for each Distribution Date day in such Interest Period. The amount of interest (the “Class A-1 Daily Interest”) allocable to the Class A-1 Notes with respect to any day falling in any Interest Period shall be an amount equal to the product of (i) the Class A-1 Note Rate for that Interest Period, (ii) a fraction, fraction the numerator of which is the Specified Days 1 and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, 360 and (iii) the outstanding principal amount of the Class A-1 Certificates determined Note Principal Balance as of the Record close of business on such day. On the Determination Date preceding such each Distribution Date Date, the Servicer shall determine the excess, if any (the “Class A-1 Monthly InterestInterest Shortfall”); provided, that in addition to of (x) the Class A-1 Monthly Interest an amount equal to for such Distribution Date over (y) the aggregate amount of any unpaid funds allocated and available to pay such Class A-1 Deficiency AmountsMonthly Interest on such Distribution Date. If the Class A-1 Interest Shortfall with respect to any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A-1 Interest Shortfall is fully paid, plus an additional amount (“Class A-1 Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is the Specified Days actual number of days in the related Interest Period and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate Note Rate in effect with respect to the related Interest Period, and 1.0% per annum, and (Cii) any such Class A-1 Deficiency Amounts from the prior Distribution Date, as defined below, Interest Shortfall (or the portion thereof which has not theretofore been paid to on the Class A-1 Certificateholders (Notes) shall be payable as provided herein with respect to the Class A-1 Notes. Notwithstanding anything to the contrary herein, Class A-1 Additional Interest”), Interest shall also be distributable in respect of payable or distributed on the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date shall be equal Notes only to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior to the immediately preceding Interest Period, over the amount actually paid to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesextent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (Atlanticus Holdings Corp)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes on each any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the September 2009 Distribution Date shall be $1,330,711.11. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (WFN Credit Co LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes for any Interest Period on each the related Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the July 2013 Distribution Date shall be $682,500.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (World Financial Network Credit Card Master Note Trust)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes on each any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the August 2012 Distribution Date shall be $322,111.11. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (World Financial Network Credit Card Master Note Trust)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes on each any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the August 2012 Distribution Date shall be $413,111.11. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (World Financial Network Credit Card Master Note Trust)

Determination of Monthly Interest. (a) The amount of monthly interest distributable in with respect of to the Class A-1 A Certificates on each Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, Class A Certificate Rate times (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount balance of the Class A-1 A Certificates determined as of the Record Date preceding such Distribution the related Transfer Date (the "Class A-1 A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $8,594,444.44; provided further, that in addition to Class A-1 A Monthly Interest an amount equal to the amount of any unpaid Class A-1 A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (B) the sum of the Class A-1 A Certificate Rate in effect with respect to the related Interest Period, and 1.0plus 2% per annum, and (CB) any Class A-1 A Deficiency Amounts Amount from the prior Distribution Transfer Date, as defined below, below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders A Certificateholders) (the "Class A-1 A Additional Interest”), ") shall also be distributable in respect of to the Class A-1 A Certificates. The “, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A-1 A Deficiency Amount" for any Distribution Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a4.06(a) for all as of the prior Interest Periods prior to the immediately preceding Interest Period, Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one-twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $801,666.67; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders in respect B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amounts amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Rate, times (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 Distribution DatesTransfer Dates (the "Collateral Minimum Monthly Interest"). Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 1 contract

Sources: Amended and Restated Series 1999 J Supplement (BA Credit Card Funding, LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes on each any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the November 2012 Distribution Date shall be $836,111.11. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (World Financial Network Credit Card Master Note Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes for any Interest Period on each the related Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the September 2014 Distribution Date shall be $289,750. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A-1 A Deficiency Amounts from Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2 as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (WFN Credit Co LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes for any Interest Period on each the related Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the December 2015 Distribution Date shall be $504,000. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A-1 A Deficiency Amounts from Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2 as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (World Financial Network Credit Card Master Note Trust)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A-1 Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates Notes on each any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days actual number of days in the related Distribution Period and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A-1 Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the first Distribution Date following the Additional Issuance Date, the Class A-1 Note Initial Principal Balance). On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A-1 Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A-1 Deficiency Amount is fully paid, an additional amount (“Class A-1 Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the related Distribution Period and the denominator of which is 360, times (B) the Class A-1 Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A-1 Deficiency Amount (or the portion thereof which has not theretofore been paid to the Class A-1 Certificateholders (Noteholders) shall be payable as provided herein with respect to the Class A-1 Notes. Notwithstanding anything to the contrary herein, Class A-1 Additional Interest”), Interest shall also be distributable in respect of payable or distributed to the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date shall be equal Noteholders only to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior to the immediately preceding Interest Period, over the amount actually paid to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesextent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (World Financial Network Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes on each any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the September 2009 Distribution Date shall be $1,014,844.44. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (WFN Credit Co LLC)

Determination of Monthly Interest. (a) The amount of monthly interest distributable in with respect of to the Class A-1 A Certificates on each Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, Class A Certificate Rate times (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount balance of the Class A-1 A Certificates determined as of the Record Date preceding such Distribution the related Transfer Date (the "Class A-1 A Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class A Monthly Interest will be equal to $4,766,666.67; provided further, that in addition to Class A-1 A Monthly Interest an amount equal to the amount of any unpaid Class A-1 A Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (B) the sum of the Class A-1 A Certificate Rate in effect with respect to the related Interest Period, and 1.0plus 2% per annum, and (CB) any Class A-1 A Deficiency Amounts Amount from the prior Distribution Transfer Date, as defined below, below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders A Certificateholders) (the "Class A-1 A Additional Interest”), ") shall also be distributable in respect of to the Class A-1 A Certificates. The “, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class A-1 A Deficiency Amount" for any Distribution Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a4.06(a) for all as of the prior Interest Periods prior to the immediately preceding Interest Period, Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (b) The amount of monthly interest distributable with respect to the Class B Certificates shall be an amount equal to one-twelfth of the product of (i) the Class B Certificate Rate, times (ii) the outstanding principal balance of the Class B Certificates determined as of the Record Date preceding the related Transfer Date (the "Class B Monthly Interest"); provided, however, that with respect to the first Distribution Date, Class B Monthly Interest will be equal to $448,250; provided further, that in addition to the Class B Monthly Interest an amount equal to the amount of any unpaid Class B Deficiency Amounts, as defined below, plus an amount equal to one-twelfth of the product of (A) the sum of the Class B Certificate Rate plus 2% per annum, and (B) any Class B Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders in respect B Certificateholders) (the "Class B Additional Interest") shall also be distributable to the Class B Certificates, and on such Transfer Date the Trustee shall deposit such funds, to the extent available, into the Distribution Account; provided further, that the "Class B Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(b) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amounts amount. Class B Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. (c) The amount of monthly interest distributable with respect to the Collateral Interest shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Rate, times (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 Distribution DatesTransfer Dates (the "Collateral Minimum Monthly Interest"). Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Appears in 1 contract

Sources: Amended and Restated Series 2000 E Supplement (BA Credit Card Funding, LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes on each any Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the May 2009 Distribution Date shall be $2,218,222.22. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A-1 A Deficiency Amounts from Amount”), of (x) the aggregate amount accrued pursuant to this Section 4.2(a) as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (WFN Credit Co LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable in from the Distribution Account with respect of to the Class A-1 Certificates A Notes for any Interest Period on each the related Distribution Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the Specified Days and the denominator of which is 360, (ii) the Class A-1 Certificate Rate in effect with respect to the related Interest Period, and (iii) the outstanding principal amount of the Class A-1 Certificates determined as of the Record Date preceding such Distribution Date (the “Class A-1 Monthly Interest”); provided, that in addition to Class A-1 Monthly Interest an amount equal to the amount of any unpaid Class A-1 Deficiency Amounts, as defined below, plus an amount equal to the product of (A) a fraction, the numerator of which is the Specified Days 30 and the denominator of which is 360, times (B) the sum of the Class A-1 Certificate A Note Interest Rate in effect with respect to the related Interest Period, and 1.0% per annum, Distribution Period and (Cii) the Class A Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Distribution Date, the Class A Note Initial Principal Balance); provided that the Class A Monthly Interest for the October 2015 Distribution Date shall be $1,816,875. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A-1 A Deficiency Amounts from Amount"), of (x) the aggregate amount accrued pursuant to this Section 4.2 as of the prior Distribution DateDate over (y) the amount actually transferred from the Distribution Account for payment of such amount. If the Class A Deficiency Amount for any Distribution Date is greater than zero, as defined belowon each subsequent Distribution Date until such Class A Deficiency Amount is fully paid, an additional amount ("Class A Additional Interest") equal to the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Note Interest Rate in effect with respect to the related Distribution Period plus 2% per annum and (ii) such Class A Deficiency Amount (or the portion thereof which has not theretofore been paid to Class A-1 Certificateholders (the “Class A-1 Additional Interest”), shall also be distributable in respect of the Class A-1 Certificates. The “Class A-1 Deficiency Amount” for any Distribution Date A Noteholders) shall be equal payable as provided herein with respect to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.6(a) for all Interest Periods prior Class A Notes. Notwithstanding anything to the immediately preceding contrary herein, Class A Additional Interest Period, over shall be payable or distributed to the amount actually paid Class A Noteholders only to Class A-1 Certificateholders in respect of such amounts on all prior Distribution Datesthe extent permitted by applicable law.

Appears in 1 contract

Sources: Indenture Supplement (World Financial Network Credit Card Master Note Trust)