Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12 (a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: (a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii) and (iii); and (b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c). (c) On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 11 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), Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c).
(c) On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 9 contracts
Sources: Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), 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)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii) and (iiithe priority set forth in subsection 4.9(a); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (iithe priority set forth in subsection 4.9(b) and then pursuant to subsection 4.11(c).
(c) On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 5 contracts
Sources: Pooling and Servicing Agreement (Chase Manhattan Bank Usa), Pooling and Servicing Agreement (Chase Manhattan Bank Usa), Pooling and Servicing Agreement (Chase Manhattan Bank Usa)
Reallocated Principal Collections. On or before each --------------------------------- Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii) and (iiithe priority set forth in subsection 4.9(a); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (iithe priority set forth in subsection 4.9(b) and then pursuant to subsection 4.11(c).
(c) On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 3 contracts
Sources: Supplement (Chase Manhattan Bank Usa), Pooling and Servicing Agreement (Chase Manhattan Bank Usa), Supplement to Pooling and Servicing Agreement (Chase Manhattan Bank Usa)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 20[__]-[_] with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before the second Business Day prior to each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B heretoB) to to, and the Trustee in accordance with such instructions shall, withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a4.14(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a4.14(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly PeriodPeriod allocated and available to pay the Class A Required Amount pursuant to subsection 4.13(b) on such Transfer Date, shall be applied pursuant to subsections 4.09(a)(i), (iiin the manner set forth in subsection 4.13(b) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period allocated and available to pay the Class B Certificates Required Amount pursuant to subsection 4.11(c4.13(d) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to in the manner set forth in subsection 4.11(c4.13(d).
(c) . On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that If such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that If the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Mellon Bank Premium Finance Loan Master Trust), Pooling and Servicing Agreement (Mellon Bank Premium Finance Loan Master Trust), Pooling and Servicing Agreement (Mellon Premium Finance Loan Owner Trust)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c).
(c) On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 3 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), Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2018-7 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 1997-1 with respect to the related Monthly Period, Period and the Available Cash Collateral Amount with respect to such Distribution Date shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.5(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections and the portion of the Available Cash Collateral Amount allocated and available to the Class B Certificates pursuant to subsection 4.11(c4.7(c) and subsection 4.16(e) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.5(b)(i) and (ii) and then to fund any deficiency pursuant to and in the priority set forth in subsection 4.11(c4.7(c).
(c) . On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving to any Collateral Charge-Offs for such Distribution Date) to be a negative number, the Collateral Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Credit Card Receivables Funding Corp), Pooling and Servicing Agreement (Partners First Receivables Funding Corp)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2024-1 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2017-3 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Class D Principal Collections in accordance with subsections 4.12(a), (b) and (c) prior to applying any Reallocated Collateral Principal Collections or Reallocated Class B Principal Collections in accordance with subsection 4.12(a) and (b), respectively, for any amounts still owing after the application of Reallocated Class D Principal Collections, and, if the Class D Investor Interest has been reduced to zero, applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a4.12(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections and Reallocated Class D Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii), (iii) and (iiiiv); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c); and
(c) an amount equal to the Collateral Required Amount, if any, with respect to such Transfer Date shall be applied pursuant to subsections 4.11(e) through (g) on such Transfer Date.
(cd) On each Transfer Date, the Collateral Class D Investor Interest Amount shall be reduced by the amount of Reallocated Class D Principal Collections and by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Class D Investor Interest (after giving effect to any Class D Investor Charge-Offs for such Transfer Date) to be a negative number, the Class D Investor Interest (after giving effect to any Class D Investor Charge-Offs for such Transfer Date) shall be reduced to zero and the Collateral Interest Amount shall be reduced by the amount by which the Class D Investor Interest would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 2 contracts
Sources: Amended and Restated Series 1999 J Supplement (BA Credit Card Funding, LLC), Amended and Restated Series 2000 E Supplement (BA Credit Card Funding, LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2018-1 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2017-1 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2025-2 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Class D Principal Collections in accordance with subsections 4.12(a), (b) and (c) prior to applying any Reallocated Collateral Principal Collections or Reallocated Class B Principal Collections in accordance with subsection 4.12(a) and (b), respectively, for any amounts still owing after the application of Reallocated Class D Principal Collections, and, if the Class D Investor Interest has been reduced to zero, applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a4.12(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections and Reallocated Class D Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c); and
(c) an amount equal to the Collateral Required Amount, if any, with respect to such Transfer Date shall be applied pursuant to subsections 4.11(e) through (g) on such Transfer Date.
(cd) On each Transfer Date, the Collateral Class D Investor Interest Amount shall be reduced by the amount of Reallocated Class D Principal Collections and by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Class D Investor Interest (after giving effect to any Class D Investor Charge-Offs for such Transfer Date) to be a negative number, the Class D Investor Interest (after giving effect to any Class D Investor Charge-Offs for such Transfer Date) shall be reduced to zero and the Collateral Interest Amount shall be reduced by the amount by which the Class D Investor Interest would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 2 contracts
Sources: Amended and Restated Series 2000 H Supplement (BA Credit Card Funding, LLC), Amended and Restated Series 2001 B Supplement (BA Credit Card Funding, LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2017-2 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii), (iii) and (iiiiv); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c).
(c) On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
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)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2024-3 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2018-8 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2025-1 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2018-5 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2023-4 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On The Servicer shall apply, or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, on each Distribution Date, Reallocated Principal Collections (applying all Reallocated Collateral ClassD Subordinated Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Collateral Subordinated Principal Collections, and applying all Collateral Subordinated Principal Collections prior to applying any Class B Subordinated Principal Collections, and applying no ClassB Subordinated Principal Collections in accordance with subsection 4.12
respect to the Class B Required Amount pursuant to clause (ab) for any amounts still owing after below and applying no Class B Subordinated Principal Collections or Collateral Subordinated Principal Collections with respect to the application of Reallocated Collateral Principal CollectionsRequired Amount pursuant to clause (c) below) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the sum of (x) the amount of Excess Spread and Shared Excess Finance Charge Collections allocable to Series 1997-2 with respect to the related Monthly Period, Period and (y) the Available Cash Collateral Amount with respect to such Distribution Date shall be applied distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(a)(iSections 4.6(a)(i), (ii) and (iii); and , in that order of priority;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the sum of (x) the amount of Excess Spread allocated and Shared Excess Finance Charge Collections allocable to Series 1997-2 with respect to the related Monthly Period available to in respect of the Class B Certificates Required Amount pursuant to subsection 4.11(cSection 4.8(c) and (d) on such Transfer Distribution Date and (y) the amount withdrawn from the Cash Collateral Account in respect of the ClassB Required Amount with respect to such Distribution Date shall be applied first distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(b)(iSections 4.8(c) and (ii) and then pursuant to subsection 4.11(cd)., in that order of priority; and
(c) On each Transfer Datean amount equal to the excess, if any, of (i) the Collateral Interest Amount shall be reduced by Required Amount, if any, with respect to such Distribution Date over (ii) the sum of (x) the amount of Reallocated Excess Spread and Shared Excess Finance Charge Collections allocable to Series 1997-2 with respect to the related Monthly Period available in respect of the Collateral Principal Collections Required Amount pursuant to Sections 4.8(f) and (h) on such Distribution Date and (y) the amount withdrawn from the Cash Collateral Account in respect of the Collateral Required Amount with respect to such Distribution Date shall be distributed by the amount Trustee to fund any deficiency pursuant to Section 4.6(c)(i) and Sections 4.8(f) and (h), in that order of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zeropriority.
Appears in 2 contracts
Sources: Series Supplement to the Master Pooling and Servicing Agreement (Proffitts Credit Card Master Trust), Master Pooling and Servicing Agreement (Proffitts Credit Card Master Trust)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2021-1 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2017-8 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2024-2 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii), (iii) and (iiiiv); and .
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c).
(c) On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
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)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2019-2 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Class C Principal Collections in accordance with subsections 4.12(a4.19(a) and (b) hereof prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a4.19(a) hereof for any amounts still owing after the application of Reallocated Collateral Class C Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i4.16(a)(i), (ii) and (iii)) hereof; and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates Investor Interest pursuant to subsection 4.11(c4.18(c) hereof on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i4.16(b)(i) and (ii) hereof and then pursuant to subsection 4.11(c).
(c4.18(c) hereof. On each Transfer Date, the Collateral Class C Investor Interest Amount shall be reduced by the amount of Reallocated Collateral Class C Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Class C Investor Interest Amount (after giving effect to any Collateral Class C Investor Charge-Offs for such Transfer Date) to be a negative number, the Collateral Class C Investor Interest Amount (after giving effect to any Collateral Class C Investor Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Class C Investor Interest Amount would have been reduced below zero. In the event that the reallocation application of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 2 contracts
Sources: Series E Supplement (JCP Receivables Inc), Series E Supplement (JCP Receivables Inc)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2018-6 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in to apply, the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread and Shared Finance Charge Collections from other Series with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), 4.6(a)(i) through (ii) and (iiiiv); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread and Shared Finance Charge Collections from other Series allocated and available to the Class B Certificates pursuant to subsection 4.11(c4.6(d)(ii) and 4.6(f) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i4.6(b)(i) and through (ii) and then pursuant to subsection 4.11(civ).
(c) . On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for applied pursuant to subsections 4.12(a) and/or (b) on such Transfer Date. In the event that If such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Interest Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Interest Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that If the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust), Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust)
Reallocated Principal Collections. (a) On or before each Transfer Date, the Servicer Trustee shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying first all Reallocated Collateral Class C Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Collections, then Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of and finally Reallocated Collateral Class A Principal Collections, to the extent necessary) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(ai) an amount equal to the excess, if any, of (iA) the Class A Required Amount, if any, with respect to such Transfer Date over (iiB) the amount of Excess Spread with respect funds on deposit in the Series 1998-1 Yield Enhancement Account and available to cover the Class A Required Amount pursuant to subsection 4.11(a) on such Transfer Date shall be transferred to the related Monthly Period, shall be Finance Charge Account and applied pursuant to subsections 4.09(a)(isubsection 4.09(a), ; and
(ii) and (iii); and (b) an amount equal to the excess, if any, of (iA) the Class B Required Amount, if any, with respect to such Transfer Date over (iiB) the amount of Excess Spread allocated funds on deposit in the Series 1998-1 Yield Enhancement Account and available to cover the Class B Certificates Required Amount pursuant to subsection 4.11(c4.11(b) on such Transfer Date shall be transferred to the Finance Charge Account and applied first pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c4.09(b).
(cb) On each Transfer Date, Date the Collateral Class C Ownership Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Class C Ownership Interest Amount (after giving effect to any Collateral Class C Charge-Offs for such Transfer Date) to be a negative number, the Collateral Class C Ownership Interest Amount (after giving effect to any Collateral Class C Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Ownership Interest shall be reduced by the amount by which the Collateral Class C Ownership Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections pursuant to the preceding sentence would cause the Class B Investor Ownership Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Ownership Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to shall be reduced to zero and the Class A Ownership Interest (after giving effect to any Class A Charge-Offs for such Transfer Date) shall be reduced (but not below zero) by the amount by which the Class B Ownership Interest would have been reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (A I Receivables Corp), Pooling and Servicing Agreement (A I Receivables Corp)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2022-4 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2018-3 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2017-6 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2000-4 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
(c) . On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Credit Account Master Trust), Pooling and Servicing Agreement (American Express Centurion Bank)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B heretoB) to to, and Trustee in accordance with such instructions shall, withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a4.14(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a4.14(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i4.11(a)(i), (ii) ), and (iii); and ) and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c4.13(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i4.11(b)(i) and (ii) and then pursuant to subsection 4.11(c4.13(c).
(c) . On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that If such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that If the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Mellon Bank Premium Finance Master Trust), Pooling and Servicing Agreement (Mellon Bank Premium Finance Loan Master Trust)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2022-2 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2017-5 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In Table of Contents the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2018-4 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2018-9 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2025-5 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2017-7 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2023-3 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly PeriodPeriod and the amount of Shared Excess Finance Charge Collections, shall be applied pursuant to subsections 4.09(a)(i)in accordance with, (ii) and (iiiin the priority set forth in, subsection 4.9(a); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread and the amount of Shared Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) in accordance with and (iiin the priority set forth in, subsection 4.9(b) and then pursuant to subsection 4.11(c).
(c) On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 2 contracts
Sources: Series Supplement (First National Bank of Atlanta), Pooling and Servicing Agreement (Wachovia Credit Card Master Trust)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2025-4 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On The Servicer shall apply, or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, on each Distribution Date, Reallocated Principal Collections (applying all Reallocated Collateral Class D Subordinated Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated CTO Subordinated Principal Collections, and applying all CTO Subordinated Principal Collections prior to applying any Class B Subordinated Principal Collections, and applying no Class B Subordinated Principal Collections in accordance with subsection 4.12
respect to the Class B Required Amount pursuant to clause (ab) for any amounts still owing after below and applying no Class B Subordinated Principal Collections or CTO Subordinated Principal Collections with respect to the application of Reallocated Collateral Principal CollectionsCTO Required Amount pursuant to clause (c) below) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the sum of (x) the amount of Excess Spread and Shared Excess Finance Charge Collections allocable to Series 1998-1 with respect to the related Monthly Period, preceding Collection Period pursuant to Section 4.8(a) and (y) the Available Cash Collateral Account Amount with respect to such Distribution Date shall be applied distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(a)(iSections 4.6(a)(i), (ii) and (iii); and , in that order of priority;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the sum of (x) the amount of Excess Spread allocated and Shared Excess Finance Charge Collections allocable to Series 1998-1 with respect to the preceding Collection Period available to in respect of the Class B Certificates Required Amount pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(iSection 4.8(c) and (iid) and then pursuant to subsection 4.11(c).
(c) On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.such
Appears in 2 contracts
Sources: Supplement to Master Pooling and Servicing Agreement (First North American National Bank), Master Pooling and Servicing Agreement (First North American National Bank)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2022-3 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2025-3 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2000-3 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
(c) . On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Centurion Bank), Pooling and Servicing Agreement (American Express Credit Account Master Trust)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B heretoto the Series Supplement) to to, and Trustee in accordance with such instructions shall, withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a4.15(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a4.15(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i4.11(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c4.13(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i4.11(b)(i) and (ii) and then pursuant to subsection 4.11(c4.13(c).
(c) . On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for applied pursuant to subsections 4.15(a) and/or (b) on such Transfer Date. In the event that If such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that If the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (First National Bank of Commerce), Pooling and Servicing Agreement (First National Bank of Commerce)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2019-1 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Date, The Servicer shall --------------------------------- apply (if the Seller is the Servicer and the Collection Account is maintained with the Seller) or shall instruct cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply on each Distribution Date Reallocated Principal Collections (applying all Reallocated Collateral Principal such Collections in accordance with subsections 4.12(a) and (b) respect to the Class C Invested Amount prior to applying any Reallocated such Collections with respect to the Class B Principal Invested Amount and applying no such Collections in accordance with subsection 4.12
respect to the Class B Invested Amount pursuant to clause (ab) for any amounts still owing after the application of Reallocated Collateral Principal Collectionsbelow) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) ---- the sum of (x) the amount of Excess Spread and Excess Finance Charges allocated to Series 1998-1 with respect to the related Monthly PeriodPeriod and (y) the Available Cash Collateral Amount with respect to such Distribution Date, shall be applied distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(a)(iSections 4.05(a)(i), (ii) and (iii); provided that, in the event the -------- Class A Required Amount for such Distribution Date exceeds the sum of the Available Cash Collateral Amount for such Distribution Date, the amount of Excess Spread and Excess Finance Charges allocated to Series 1998-1 and the amount of Reallocated Principal Collections for such Distribution Date, the amount withdrawn from the Cash Collateral Account with respect to such Class A Required Amount, such Excess Spread and Excess Finance Charges allocated to Series 1998-1 and Reallocated Principal Collections shall be applied first to pay amounts due with respect to such Distribution Date pursuant to Section 4.05(a)(i), second to pay the Class A Servicing Fee pursuant to Section 4.05(a)(ii) and third to pay the Class A Investor Default Amount for such Distribution Date pursuant to Section 4.05(a)(iii);
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) ---- the sum of (x) the amount of Excess Spread and Excess Finance Charges to be allocated and available to the Class B Certificates Certificateholder's Interest pursuant to subsection 4.11(cSection 4.07(c) on such Transfer Distribution Date and (y) the amount withdrawn from the Cash Collateral Account pursuant to Section 4.12(c) which is remaining after application pursuant to Section 4.07(a) with respect to such Distribution Date, shall be applied first distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(b)(iSections 4.05(b)(i) and (ii) and then Section 4.07(c)(II); provided that, in the event the Class B Required Amount for -------- such Distribution Date exceeds the sum of the amount to be withdrawn from the Cash Collateral Account pursuant to subsection 4.11(c).
(cSection 4.12(c) On each Transfer which is remaining after application pursuant to Section 4.08(a) with respect to such Distribution Date, the Collateral amount of Excess Spread and Excess Finance Charges to be allocated to the Class B Certificateholders' Interest Amount shall be reduced by on such Distribution Date and the amount of Reallocated Collateral Principal Collections and by (other than Reallocated Principal Collections distributed pursuant to clause (a) above) for such Distribution Date, the amount of Reallocated Class B Principal Collections for such Transfer Date. In withdrawn from the event that such reduction would cause the Cash Collateral Interest Amount (after giving effect Account with respect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for Required Amount, such Transfer Date) to be a negative number on any Transfer Date, Excess Spread and Excess Finance Charges and such Reallocated Principal Collections shall be reallocated on applied first to pay the amounts due with respect to such Transfer Distribution Date in an aggregate amount not pursuant to exceed the amount which would cause Section 4.05(b)(i), second to pay the Class B Servicing Fee pursuant to Section 4.05(b)(ii) and third to apply any remaining amount as a portion of Available Investor Interest (after giving effect to any Class B Investor Charge-Offs Principal Collections for such Transfer DateDistribution Date pursuant to Section 4.07(c)(II); and
(c) the balance, if any, of such Reallocated Principal Collections shall be treated as a portion of Available Investor Principal Collections to be reduced to zeroapplied in accordance with Sections 4.05(d) and (e).
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Capital One Master Trust), Pooling and Servicing Agreement (Capital One Financial Corp)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2017-4 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. 8.1 On or before each Transfer Date, the Servicer shall will instruct the Receivables Trustee in writing as to what portion of Principal Collections notionally allocated pursuant to Clauses 1.1(b) (which writing Calculations and Distributions) of this Part 4 of Schedule 1 and retained for the previous Monthly Period as Required Retained Principal Collections shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated utilised as Utilised Required Retained Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, . The amounts to make the following distributions on each Transfer Date in the following priority: be so utilised (a) being an amount equal to the excess, if any, of (i) amount notified to the Class A Required Amount, if any, with respect to Receivables Trustee by the Servicer on such Transfer Date over (iipursuant to Clause 22 of the Security Trust Deed) shall be transferred from the amount of Excess Spread with respect undivided Principal Collections Ledger and distributed to the related Monthly Period, shall Investor Beneficiary (Term) by crediting such amount to the Funding 1 Principal Ledger to be applied pursuant to subsections 4.09(a)(i), (ii) and (iii); and (b) an amount equal to Clause 24 of the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c)Security Trust Deed.
(c) 8.2 On each Transfer Date, Date the Collateral Investor Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. .
8.3 In the event that the reallocation amount of Reallocated Principal Collections would cause determined to be utilised on a Transfer Date exceeds the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs Maximum Reallocated Principal Amount for such Transfer Date) Date then, the amount of Required Retained Principal Collections to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated utilised on such Transfer Date pursuant to Clause 8.1 above shall be reduced to an amount equal to the Maximum Reallocated Principal Amount.
8.4 Any Required Retained Principal Collections not utilised on a Transfer Date will be applied as Available Retained Principal Collections in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest accordance with Clause 5 (after giving effect to any Class B Investor Charge-Offs for Payments of Amounts Representing Available Retained Principal Collections) of this Part 4 of Schedule 1 on such Transfer Date.
8.5 Following any reductions pursuant to Clauses 8.2 and 8.3 above, the Investor Interest may be reinstated in an amount equal to the payments of Additional Funds made by the Investor Beneficiary (Term) to be reduced to zerothe Receivables Trustee identified as Refunded Utilised Principal Collections in accordance with Clause 24.2(f) (Payments of Amounts of Principal Collections) of the Security Trust Deed.
Appears in 2 contracts
Sources: De Linked Trust Supplement, De Linked Trust Supplement
Reallocated Principal Collections. (a) On or before each Transfer Distribution Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B E hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections4.12(b)) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Distribution Date in the following priority: :
(ai) an amount equal to the excess, if any, of (ix) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (iiy) the amount of Excess Spread and Shared Excess Finance Charge Collections allocated to Series 2007-1 with respect to the related Monthly Due Period, shall be applied pursuant to in accordance with, and in the priority set forth in, subsections 4.09(a)(i4.9(a)(i), (ii), (iii) and (iiiiv); and ;
(bii) an amount equal to the excess, if any, of (ix) the Class M Required Amount, if any, with respect to such Distribution Date over (y) the amount of Excess Spread and Shared Excess Finance Charge Collections allocated and available to the Class M Certificates pursuant to subsection 4.11(c) on such Distribution Date shall be applied first in accordance with, and in the priority set forth in subsections 4.9(b)(i) and (ii) and then pursuant to and in the priority set forth in subsection 4.11(c)(II);
(iii) an amount equal to the excess, if any, of (x) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (iiy) the amount of Excess Spread and Shared Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(c4.11(e) on such Transfer Distribution Date shall be applied first pursuant to in accordance with, and in the priority set forth in subsections 4.09(b)(i4.9(c)(i) and (ii) and then pursuant to and in the priority set forth in subsection 4.11(c4.11(e)(II); and
(iv) an amount equal to the excess, if any, of (x) the Class C Required Amount, if any, with respect to such Distribution Date over (y) the amount of Excess Spread and Shared Excess Finance Charge Collections allocated and available to the Class C Investor Interest pursuant to subsections 4.11(g), 4.11(h), 4.11(i) and 4.11(j) on such Distribution Date shall be applied first pursuant to subsection 4.9(d)(i), and then pursuant to and in the priority set forth in subsections 4.11(h), 4.11(i) and 4.11(j).
(b) On each Distribution Date on which the Servicer shall instruct the Trustee to apply Reallocated Principal Collections pursuant to paragraph (a) above, the Trustee shall apply such Reallocated Principal Collections in the following order of priority and only to the extent provided below:
(i) applying Reallocated Class D-2 Principal Collections in accordance with subsections 4.12 (a)(i) through (a)(iv);
(ii) if any amounts remain outstanding under subsections 4.12 (a)(i) through (a)(iv) after giving effect to Reallocated Class D-2 Principal Collections, then applying Reallocated Class D-1 Principal Collections in accordance with subsections 4.12 (a)(i) through (a)(iv);
(iii) if any amounts remain outstanding under subsections 4.12(a)(i), (a)(ii) or (a)(iii) above after giving effect to Reallocated Class D Principal Collections, then applying Reallocated Class C Principal Collections in accordance with subsections 4.12(a)(i), (a)(ii) and (a)(iii);
(iv) if any amounts remain outstanding under subsection 4.12 (a)(i) or (a)(ii) above after giving effect to Reallocated Class D Principal Collections and Reallocated Class C Principal Collections, then applying Reallocated Class B Principal Collections in accordance with subsection 4.12(a)(i) or (a)(ii); and
(v) if any amounts remain outstanding under subsection 4.12 (a)(i) above after giving effect to Reallocated Class D Principal Collections, Reallocated Class C Principal Collections and Reallocated Class B Principal Collections, then applying Reallocated Class M Principal Collections in accordance with subsection 4.12(a)(i).
(c) On each Transfer Distribution Date, the Collateral Class D-2 Investor Interest Amount shall be reduced by the amount of Reallocated Collateral Class D-2 Principal Collections and applied in accordance with subsection 4.12(b) for such Distribution Date, the Class D-1 Investor Interest shall be reduced by the amount of Reallocated Class B D-1 Principal Collections applied in accordance with subsection 4.12(b) for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Class C Investor Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and by the amount of Reallocated Class C Principal Collections applied in accordance with subsection 4.12(b) for such Distribution Date, the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Class B Principal Collections would cause applied in accordance with subsection 4.12(b) for such Distribution Date and the Class M Investor Interest shall be reduced by the amount of Reallocated Class M Principal Collections applied in accordance with subsection 4.12(b) for such Distribution Date. Each of the Class M Investor Interest, the Class B Investor Interest, the Class C Investor Interest, the Class D-1 Investor Interest and the Class D-2 Investor Interest will thereafter be reimbursed (but not in excess of the unreimbursed amount of such reductions) on any Distribution Date by the amount of the Excess Spread and Shared Excess Finance Charge Collections allocated and available to (A) the Class M Investor Interest pursuant to subsection 4.11(d), (B) the Class B Investor Interest pursuant to subsection 4.11(f), (after giving effect C) the Class C Investor Interest pursuant to any Class B Investor Charge-Offs for such Transfer Datesubsection 4.11(k) and (D) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B D-1 Investor Interest (after giving effect and Class D-2 Investor Interest pursuant to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zerosubsection 4.11(q).
Appears in 2 contracts
Sources: Series Supplement (Alliance Data Systems Corp), Pooling and Servicing Agreement (Charming Shoppes Inc)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2018-2 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B heretoB) to to, and Trustee in accordance with such instructions shall, withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer DateDate from the Principal Account, to make the following distributions on each Transfer Date in the following priority: (a) an amount equal to the excess, if any, sum of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) plus the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii) and (iii); and (b) an amount equal to the excessClass M Required Amount, if any, of (i) plus the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available in each case after giving effect to the Class B Certificates pursuant to subsection 4.11(capplication of funds on deposit in the Cash Collateral Account in accordance with Section 4.17(c)) on and such Transfer Date Reallocated Principal Collections shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c).
(c) in the priority set forth in Section 4.11. On each Transfer Date, the Collateral Interest Class C Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for applied on such Transfer Date. In the event that If such reduction would cause the Collateral Interest Class C Invested Amount (after giving effect to any Collateral Class C Investor Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Class C Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections applied on such Transfer Date exceed the Class C Invested Amount (after giving effect to any Class C Investor Charge-Offs for such Transfer Date). If such reduction would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Datenumber, the Class B Invested Amount shall be reduced to zero and the Class M Invested Amount shall be reduced by the amount by which the Reallocated Principal Collections shall be reallocated applied on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero).
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Alliance Data Systems Corp), Pooling and Servicing Agreement (Alliance Data Systems Corp)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 1997-1 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(c4.07(c) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to and in the priority set forth in subsection 4.11(c4.07(c).
(c) . On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2012-4 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: (aqq) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii), (iii) and (iiiiv); and (brr) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c).
. (css) On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 1 contract
Sources: Supplement to Pooling and Servicing Agreement (Mbna America Bank National Association)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B heretoB) to to, and Trustee in accordance with such instructions shall, withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer DateDate from the Principal Account, to make the following distributions on each Transfer Date in the following priority: (a) an amount equal to the excess, if any, sum of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) plus the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii) and (iii); and (b) an amount equal to the excessClass M Required Amount, if any, of (i) plus the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date Reallocated Principal Collections shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c).
(c) in the priority set forth in Section 4.11. On each Transfer Date, the Collateral Interest Class C Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for applied on such Transfer Date. In the event that If such reduction would cause the Collateral Interest Class C Invested Amount (after giving effect to any Collateral Class C Investor Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Class C Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections applied on such Transfer Date exceed the Class C Invested Amount (after giving effect to any Class C Investor Charge-Offs for such Transfer Date). If such reduction would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Datenumber, the Class B Invested Amount shall be reduced to zero and the Class M Invested Amount shall be reduced by the amount by which the Reallocated Principal Collections shall be reallocated applied on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero).
Appears in 1 contract
Sources: Third Amended and Restated Series 2009 Vfc1 Supplement (Alliance Data Systems Corp)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2014-2 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)
Reallocated Principal Collections. On or before --------------------------------- each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12subsec-
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii) and (iiithe priority set forth in subsection 4.9(a); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (iithe priority set forth in subsection 4.9(b) and then pursuant to subsection 4.11(c).
(c) On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 1 contract
Sources: Supplement to Pooling and Servicing Agreement (Chase Manhattan Bank Usa)
Reallocated Principal Collections. On The Servicer shall apply, or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer apply, on each Distribution Date, to make the following distributions on each Transfer Date in the following priority: Reallocated Principal
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the sum of (x) the amount of Excess Spread and Shared Excess Finance Charge Collections allocable to Series 1998-2 with respect to the related Monthly Period, Period and (y) the Available Cash Collateral Amount with respect to such Distribution Date shall be applied distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(a)(iSections 4.6(a)(i), (ii) and (iii); and , in that order of priority;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the sum of (x) the amount of Excess Spread allocated and Shared Excess Finance Charge Collections allocable to Series 1998-2 with respect to the related Monthly Period available to in respect of the Class B Certificates Required Amount pursuant to subsection 4.11(cSection 4.8(c) and (d) on such Transfer Distribution Date and (y) the amount withdrawn from the Cash Collateral Account in respect of the Class B Required Amount with respect to such Distribution Date shall be applied first distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(b)(iSections 4.8(c) and (ii) and then pursuant to subsection 4.11(cd)., in that order of priority; and
(c) On each Transfer Datean amount equal to the excess, if any, of (i) the Collateral Interest Amount shall be reduced by Required Amount, if any, with respect to such Distribution Date over (ii) the sum of (x) the amount of Reallocated Excess Spread and Shared Excess Finance Charge Collections allocable to Series 1998-2 with respect to the related Monthly Period available in respect of the Collateral Principal Collections Required Amount pursuant to Sections 4.8(f) and (h) on such Distribution Date and (y) the amount withdrawn from the Cash Collateral Account in respect of the Collateral Required Amount with respect to such Distribution Date shall be distributed by the amount Trustee to fund any deficiency pursuant to Section 4.6(c)(i) and Sections 4.8(f) and (h), in that order of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zeropriority.
Appears in 1 contract
Sources: Supplement to the Master Pooling and Servicing Agreement (Saks Inc)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2002-6 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
(c) . On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Centurion Bank)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2001-1 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
(c) . On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Centurion Bank)
Reallocated Principal Collections. On The Servicer shall apply, or before shall cause the Trustee to apply, on each Transfer Distribution Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections from the following sources to the following amounts in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12the following order of priority:
(a) for any amounts still owing after the application of Reallocated Collateral Principal CollectionsCollections allocable to the Class B Certificates and to the Class C Interests (applying first the Reallocated Principal Collections allocable to the Class C Interests and, if the amount thereof is not sufficient, then the Reallocated Principal Collections allocable to the Class B Certificates) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: (a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the sum of (A) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 1996-A with respect to the related Monthly PeriodPeriod and (B) the Available Cash Collateral Amount with respect to such Distribution Date, shall be applied distributed by the Trustee from Reallocated Principal Collections to fund any deficiency pursuant to subsections 4.09(a)(iSections 4.5(a)(i), (ii) and (iii); PROVIDED, that if the Class A Required Amount for such Distribution Date exceeds the sum of the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 1996-A, the Available Cash Collateral Amount for such Distribution Date and the amount of Reallocated Principal Collections for such Distribution Date, such Excess Spread and Excess Finance Charge Collections allocated to Series 1996-A, the amount withdrawn from the Cash Collateral Account with respect to the Class A Required Amount and such Reallocated Principal Collections shall be applied FIRST to pay amounts due with respect to such Distribution Date pursuant to Section 4.5(a)(i), SECOND to pay the Class A Servicing Fee pursuant to Section 4.5(a)(ii) and THIRD to pay the Class A Investor Default Amount for such Distribution Date pursuant to Section 4.5(a)(iii);
(b) the Reallocated Principal Collections allocable to the Class C Interests (after giving effect to the application thereof as provided in Section 4.8(a)) in an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the sum of (A) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(cSection 4.7(c), (d) and (e) on such Transfer Distribution Date and (B) the amount withdrawn from the Cash Collateral Account pursuant to Section 4.12(d), (e) and (f) with respect to such Distribution Date shall be applied first distributed by the Trustee from Reallocated Principal Collections allocable to the Class C Interests (after giving effect to the application of Reallocated Principal Collections pursuant to subsections 4.09(b)(iSection 4.8(a)) to fund any deficiency pursuant to Sections 4.5(b)(i) and (ii) and then pursuant to subsection 4.11(cSection 4.7(e).
(c) On each Transfer Date; PROVIDED, that if the Collateral Interest Class B Required Amount shall be reduced by for such Distribution Date exceeds the sum of the amount of Reallocated Excess Spread and Excess Finance Charge Collections allocated to Series 1996-A and available pursuant to clause (A) above, the Available Cash Collateral Principal Collections Amount for such Distribution Date available pursuant to clause (B) above and by the amount of such Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount Distribution Date (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation application of Reallocated Principal Collections would cause pursuant to Section 4.8(a)), such Excess Spread and Excess Finance Charge Collections allocated to Series 1996-A, the amount withdrawn from the Cash Collateral Account with respect to the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for Required Amount and such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on applied FIRST to pay amounts due with respect to such Transfer Distribution Date in an aggregate amount not pursuant to exceed Section 4.5(b)(i), SECOND to pay the amount which would cause Class B Servicing Fee pursuant to Section 4.5(b)(ii) and THIRD to pay the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs Default Amount for such Transfer DateDistribution Date pursuant to Section 4.7(e); and
(c) to the balance, if any, of such Reallocated Principal Collections shall be reduced to zerotreated as a portion of Available Principal Collections.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Chevy Chase Bank FSB)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 1997-1 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(c4.07(c) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to and in the priority set forth in subsection 4.11(c4.07(c).
(c) . On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount EXHIBIT 3 TO FORM 8-A shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (At&t Universal Funding Corp)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2008-4 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clause (cb) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c).
(c) On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Charge- Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 1 contract
Reallocated Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply or shall direct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply on each Distribution Date, Reallocated Principal Collections (applying all Reallocated such Collections with respect to the Collateral Principal Collections in accordance with subsections 4.12(a) and (b) Invested Amount prior to applying any Reallocated such Collections with respect to the Class B Principal Invested Amount and applying no such Collections in accordance with subsection 4.12
respect to the Class B Invested Amount pursuant to clause (ab) for any amounts still owing after the application of Reallocated Collateral Principal Collectionsbelow) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charges allocated to Series 200_-_ with respect to the related Monthly PeriodPeriod shall, shall be applied distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(a)(iSections 4.5(a)(i), (ii) and (iii); and , in that order of priority;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charges allocated and available to the Class B Certificates pursuant to subsection 4.11(cSections 4.7(c) and (d) on such Transfer Date Distribution Date, shall be applied first distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(b)(iSections 4.5(b)(i) and (ii) and then pursuant to subsection 4.11(cSection 4.7(d)., in that order of priority; and
(c) On each Transfer Datethe balance, the Collateral Interest Amount shall be reduced by the amount if any, of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B treated as a portion of Available Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) Principal Collections to be reduced to zeroapplied in accordance with subsections 4.5(d) and (e).
Appears in 1 contract
Sources: Series Supplement (Fleet Credit Card Master Trust Ii)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2008-2 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clause (cb) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Credit Account Master Trust)
Reallocated Principal Collections. On or before each Transfer Date, The Servicer shall apply (if a Seller is the Servicer and the Collection Account is maintained with such Seller) or shall instruct cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply on each Distribution Date Reallocated Principal Collections (applying all Reallocated such Collections with respect to the Collateral Principal Collections in accordance with subsections 4.12(a) and (b) Invested Amount prior to applying any Reallocated such Collections with respect to the Class B Principal Invested Amount and applying no such Collections in accordance with subsection 4.12
respect to the Class B Invested Amount pursuant to clause (ab) for any amounts still owing after the application of Reallocated Collateral Principal Collectionsbelow) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charges allocated to Series 2001-5 with respect to the related Monthly Period, shall be applied distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(a)(iSections 4.05(a)(i), (ii), (iii) and (iiiiv); provided that, in the event the Class A Required Amount for such Distribution Date exceeds the sum of the amount of Excess Spread and Excess Finance Charges allocated to Series 2001-5 and the amount of Reallocated Principal Collections for the related Monthly Period, such Excess Spread and Excess Finance Charges allocated to Series 2001-5 and Reallocated Principal Collections shall be applied first to pay amounts due with respect to such Distribution Date pursuant to Section 4.05(a)(i), second to pay the Class A Servicing Fee pursuant to Section 4.05(a)(ii) and third to pay the Class A Investor Default Amount for such Distribution Date pursuant to Section 4.05(a)(iii);
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charges to be allocated and available to the holders of the Class B Certificates pursuant to subsection 4.11(cSection 4.07(c) on such Transfer Date Distribution Date, shall be applied first distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(b)(iSections 4.05(b)(i) and (ii) and then pursuant Section 4.07(c)(II); provided that, in the event the Class B Required Amount for such Distribution Date exceeds the sum of the amount of Excess Spread and Excess Finance Charges to subsection 4.11(c).
(c) On each Transfer Date, be allocated to the Collateral Interest Amount shall be reduced by holders of the Class B Certificates on such Distribution Date and the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of other than Reallocated Principal Collections would cause distributed pursuant to clause (a) above) for the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for related Monthly Period, such Transfer Date) to be a negative number on any Transfer Date, Excess Spread and Excess Finance Charges and such Reallocated Principal Collections shall be reallocated on applied first to pay the amounts due with respect to such Transfer Distribution Date in an aggregate amount not pursuant to exceed the amount which would cause Section 4.05(b)(i), second to pay the Class B Servicing Fee pursuant to Section 4.05(b)(ii) and third to apply any remaining amount as a portion of Available Investor Interest (after giving effect to any Class B Investor Charge-Offs Principal Collections for such Transfer DateDistribution Date pursuant to Section 4.07(c)(II); and
(c) the balance, if any, of such Reallocated Principal Collections shall be treated as a portion of Available Investor Principal Collections to be reduced to zeroapplied in accordance with Sections 4.05(d) and (e).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Capital One Master Trust)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B heretoB) to to, and the Trustee in accordance with such instructions shall, withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a4.14(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a4.14(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i4.11(a)(i), (ii) ), and (iii); and ) and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c4.13(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i4.11(b)(i) and (ii) and then pursuant to subsection 4.11(c4.13(c).
(c) . On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that If such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that If the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mellon Premium Finance Loan Owner Trust)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2005-6 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clause (cb) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2010-1 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clause (cb) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Class C Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Class C Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i) and (ii) and then pursuant to subsection 4.11(c).
(c) On each Transfer Date, the Collateral Class C Investor Interest Amount shall be reduced by the amount of Reallocated Collateral Class C Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Class C Investor Interest Amount (after giving effect to any Collateral Charge-Class C Investor Charge- Offs for such Transfer Date) to be a negative number, the Collateral Class C Investor Interest Amount (after giving effect to any Collateral Class C Investor Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Class C Investor Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Reallocated Principal Collections. On or before each Transfer Date, the --------------------------------- Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in to apply, the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread and Shared Finance Charge Collections from other Series with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), 4.6(a)(i) through (ii) and (iiiiv); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread and Shared Finance Charge Collections from other Series allocated and available to the Class B Certificates pursuant to subsection 4.11(c4.6(d)(ii) and 4.6(f) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i4.6(b)(i) and through (ii) and then pursuant to subsection 4.11(civ).
(c) . On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for applied pursuant to subsections 4.12(a) and/or (b) on such Transfer Date. In the event that If such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Interest Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Interest Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that If the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 1 contract
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2012-5 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Date, The Servicer shall ` --------------------------------- apply (if a Seller is the Servicer and the Collection Account is maintained with such Seller) or shall instruct cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply on each Distribution Date Reallocated Principal Collections (applying all Reallocated such Collections with respect to the Collateral Principal Collections in accordance with subsections 4.12(a) and (b) Invested Amount prior to applying any Reallocated such Collections with respect to the Class B Principal Invested Amount and applying no such Collections in accordance with subsection 4.12
respect to the Class B Invested Amount pursuant to clause (ab) for any amounts still owing after the application of Reallocated Collateral Principal Collectionsbelow) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over ---- (ii) the amount of Excess Spread and Excess Finance Charges allocated to Series 2001-7 with respect to the related Monthly Period, shall be applied distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(a)(iSections 4.05(a)(i), (ii), (iii) and (iiiiv); provided that, in the event the Class -------- A Required Amount for such Distribution Date exceeds the sum of the amount of Excess Spread and Excess Finance Charges allocated to Series 2001-7 and the amount of Reallocated Principal Collections for the related Monthly Period, such Excess Spread and Excess Finance Charges allocated to Series 2001-7 and Reallocated Principal Collections shall be applied first to pay amounts due with respect to such Distribution Date pursuant to Section 4.05(a)(i), second to pay the Class A Servicing Fee pursuant to Section 4.05(a)(ii) and third to pay the Class A Investor Default Amount for such Distribution Date pursuant to Section 4.05(a)(iii);
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over ---- (ii) the amount of Excess Spread and Excess Finance Charges to be allocated and available to the holders of the Class B Certificates pursuant to subsection 4.11(cSection 4.07(c) on such Transfer Date Distribution Date, shall be applied first distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(b)(iSections 4.05(b)(i) and (ii) and then pursuant Section 4.07(c)(II); provided that, in the -------- event the Class B Required Amount for such Distribution Date exceeds the sum of the amount of Excess Spread and Excess Finance Charges to subsection 4.11(c).
(c) On each Transfer Date, be allocated to the Collateral Interest Amount shall be reduced by holders of the Class B Certificates on such Distribution Date and the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of other than Reallocated Principal Collections would cause distributed pursuant to clause (a) above) for the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for related Monthly Period, such Transfer Date) to be a negative number on any Transfer Date, Excess Spread and Excess Finance Charges and such Reallocated Principal Collections shall be reallocated on applied first to pay the amounts due with respect to such Transfer Distribution Date in an aggregate amount not pursuant to exceed the amount which would cause Section 4.05(b)(i), second to pay the Class B Servicing Fee pursuant to Section 4.05(b)(ii) and third to apply any remaining amount as a portion of Available Investor Interest (after giving effect to any Class B Investor Charge-Offs Principal Collections for such Transfer DateDistribution Date pursuant to Section 4.07(c)(II); and
(c) the balance, if any, of such Reallocated Principal Collections shall be treated as a portion of Available Investor Principal Collections to be reduced to zeroapplied in accordance with Sections 4.05(d) and (e).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Capital One Master Trust)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Class C Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Class C Principal Collections and applying Reallocated Class D Principal Collections in accordance with subsections 4.12(a), (b) and (c) prior to applying any Reallocated Class C Principal Collections in accordance with subsections 4.12(a) or (b) for any amounts still owing after the application of Reallocated Class D Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Distribution Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Shared Excess Finance Charge Collections allocated to Series 1999-1 with respect to the related Monthly Due Period, shall be applied pursuant to in accordance with, and in the priority set forth in, subsections 4.09(a)(i4.9(a)(i), (ii), (iii) and (iiiiv); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Shared Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(c) on such Transfer Distribution Date shall be applied first pursuant to in accordance with, and in the priority set forth in subsections 4.09(b)(i4.9(b)(i) and (ii) and then pursuant to and in the priority set forth in subsection 4.11(c4.11(c)(II).; and
(c) an amount equal to the excess, if any, of (i) the Class C Required Amount, if any, with respect to such Distribution Date over (ii) the amount of Excess Spread and Shared Excess Finance Charge Collections allocated and available to the Class C Investor Interest pursuant to subsections 4.11(e), 4.11(f), 4.11(g) and 4.11(h) on such Distribution Date shall be applied first pursuant to subsection 4.9(c)(i), and then pursuant to and in the priority set forth in subsections 4.11(f), 4.11(g) and 4.11(h). On each Transfer Distribution Date, the Collateral Class D Investor Interest Amount shall be reduced by the amount of Reallocated Collateral Class D Principal Collections and for such Distribution Date, the Class C Investor Interest shall be reduced by the amount of Reallocated Class B C Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Class B Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Charming Shoppes Receivables Corp)
Reallocated Principal Collections. On The Servicer shall apply, --------------------------------- or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, on each Distribution Date, Reallocated Principal Collections (applying all Reallocated Collateral Class D Subordinated Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class C Subordinated Principal Collections, and applying all Class C Subordinated Principal Collections prior to applying any Class B Subordinated Principal Collections, and applying no Class B Subordinated Principal Collections in accordance with subsection 4.12
respect to the Class B Required Amount pursuant to clause (ab) for any amounts still owing after below and applying no Class B Subordinated Principal Collections or Class C Subordinated Principal Collections with respect to the application of Reallocated Collateral Principal CollectionsClass C Required Amount pursuant to clause (c) below) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the sum of the amount of Excess Spread and Shared Excess Finance Charge Collections allocable to Series 2001-2 and applied with respect to the Class A Required Amount with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(a)(iSections 4.6(a)(i), (ii) and (iii); , in that order of priority;
(b) an amount equal to the excess, if any, of the Class B Required Amount, if any, with respect to such Distribution Date over the amount of Excess Spread and Shared Excess Finance Charge Collections allocable to Series 2001-2 with respect to the related Monthly Period available in respect of the Class B Required Amount pursuant to Section 4.8(c) and (bd) on such Distribution Date shall be distributed by the Trustee to fund any deficiency pursuant to Sections 4.8(c) and (d), in that order of priority; and
(c) an amount equal to the excess, if any, of (i) the Class B Collateral Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the sum of (x) the amount of Excess Spread allocated and available Shared Excess Finance Charge Collections allocable to Series 2001-2 with respect to the Class B Certificates related Monthly Period available in respect of the Collateral Required Amount pursuant to subsection 4.11(cSections 4.8(g) and (i) on such Transfer Distribution Date and (y) the amounts withdrawn from the Spread Account in respect of the Class C Required Amount with respect to such Distribution Date shall be applied first distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(b)(iSection 4.6(c)(i) and Sections 4.8(g) and (ii) and then pursuant to subsection 4.11(ci), in that order of priority.
(c) On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 1 contract
Sources: Supplement to Master Pooling and Servicing Agreement (Saks Credit Corp)
Reallocated Principal Collections. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B heretoto the Series Supplement) to to, and Trustee in accordance with such instructions shall, withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a4.15(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a4.15(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i4.11(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread allocated and available to the Class B Certificates pursuant to subsection 4.11(c4.13(c) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i4.11(b)(i) and (ii) and then pursuant to subsection 4.11(c4.13(c).
(c) . 40 On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for applied pursuant to subsections 4.15(a) and/or (b) on such Transfer Date. In the event that If such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that If the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First National Bank of Commerce)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2023-2 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Date, --------------------------------- the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in to apply, the form of Exhibit B hereto) to withdraw from the Principal Account and apply Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread and Shared Finance Charge Collections from other Series with respect to the related Monthly Period, shall be applied pursuant to subsections 4.09(a)(i), 4.6(a)(i) through (ii) and (iiiiv); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Date over (ii) the amount of Excess Spread and Shared Finance Charge Collections from other Series allocated and available to the Class B Certificates pursuant to subsection 4.11(c4.6(d)(ii) and 4.6(f) on such Transfer Date shall be applied first pursuant to subsections 4.09(b)(i4.6(b)(i) and through (ii) and then pursuant to subsection 4.11(civ).
(c) . On each Transfer Date, the Collateral Interest Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for applied pursuant to subsections 4.12(a) and/or (b) on such Transfer Date. In the event that If such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Interest Charge- Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Interest Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that If the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2002-3 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
(c) . On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Centurion Bank)
Reallocated Principal Collections. On The Servicer shall apply, or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, on each Distribution Date, Reallocated Principal Collections (applying all Reallocated Collateral Class D Subordinated Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Collateral Subordinated Principal Collections, and applying all Collateral Subordinated Principal Collections prior to applying any Class B Subordinated Principal Collections, and applying no Class B Subordinated Principal Collections in accordance with subsection 4.12
respect to the Class B Required Amount pursuant to clause (ab) for any amounts still owing after below and applying no Class B Subordinated Principal Collections or Collateral Subordinated Principal Collections with respect to the application of Reallocated Collateral Principal CollectionsRequired Amount pursuant to clause (c) below) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the sum of (x) the amount of Excess Spread and Shared Excess Finance Charge Collections allocable to Series 1997-2 with respect to the related Monthly Period, Period and (y) the Available Cash Collateral Amount with respect to such Distribution Date shall be applied distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(a)(iSections 4.6(a)(i), (ii) and (iii); and , in that order of priority;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the sum of (x) the amount of Excess Spread allocated and Shared Excess Finance Charge Collections allocable to Series 1997-2 with respect to the related Monthly Period available to in respect of the Class B Certificates Required Amount pursuant to subsection 4.11(cSection 4.8(c) and (d) on such Transfer Distribution Date and (y) the amount withdrawn from the Cash Collateral Account in respect of the Class B Required Amount with respect to such Distribution Date shall be applied first distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(b)(iSections 4.8(c) and (ii) and then pursuant to subsection 4.11(cd)., in that order of priority; and
(c) On each Transfer Datean amount equal to the excess, if any, of (i) the Collateral Interest Amount shall be reduced by Required Amount, if any, with respect to such Distribution Date over (ii) the sum of (x) the amount of Reallocated Excess Spread and Shared Excess Finance Charge Collections allocable to Series 1997-2 with respect to the related Monthly Period available in respect of the Collateral Principal Collections Required Amount pursuant to Sections 4.8(f) and (h) on such Distribution Date and (y) the amount withdrawn from the Cash Collateral Account in respect of the Collateral Required Amount with respect to such Distribution Date shall be distributed by the amount Trustee to fund any deficiency pursuant to Section 4.6(c)(i) and Sections 4.8(f) and (h), in that order of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be reduced to zeropriority.
Appears in 1 contract
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2011-1 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2004-1 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clause (cb) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Credit Account Master Trust)
Reallocated Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply or shall direct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply on each Distribution Date, Reallocated Principal Collections (applying all Reallocated such Collections with respect to the Collateral Principal Collections in accordance with subsections 4.12(a) and (b) Invested Amount prior to applying any Reallocated such Collections with respect to the Class B Principal Invested Amount and applying no such Collections in accordance with subsection 4.12
respect to the Class B Invested Amount pursuant to clause (ab) for any amounts still owing after the application of Reallocated Collateral Principal Collectionsbelow) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charges allocated to Series 2003-A with respect to the related Monthly PeriodPeriod shall, shall be applied distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(a)(iSections 4.5(a)(i), (ii) and (iii); and , in that order of priority;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charges allocated and available to the Class B Certificates pursuant to subsection 4.11(cSections 4.7(c) and (d) on such Transfer Date Distribution Date, shall be applied first distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(b)(iSections 4.5(b)(i) and (ii) and then pursuant to subsection 4.11(cSection 4.7(d)., in that order of priority; and
(c) On each Transfer Datethe balance, the Collateral Interest Amount shall be reduced by the amount if any, of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B treated as a portion of Available Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) Principal Collections to be reduced to zeroapplied in accordance with subsections 4.5(d) and (e).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2013-2 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Reallocated Principal Collections. On or before each Transfer Date, the The Servicer shall instruct apply or shall direct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply on each Distribution Date, Reallocated Principal Collections (applying all Reallocated such Collections with respect to the Collateral Principal Collections in accordance with subsections 4.12(a) and (b) Invested Amount prior to applying any Reallocated such Collections with respect to the Class B Principal Invested Amount and applying no such Collections in accordance with subsection 4.12
respect to the Class B Invested Amount pursuant to clause (ab) for any amounts still owing after the application of Reallocated Collateral Principal Collectionsbelow) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date in the following priority: :
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charges allocated to Series 2002-B with respect to the related Monthly PeriodPeriod shall, shall be applied distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(a)(iSections 4.5(a)(i), (ii) and (iii); and , in that order of priority;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charges allocated and available to the Class B Certificates pursuant to subsection 4.11(cSections 4.7(c) and (d) on such Transfer Date Distribution Date, shall be applied first distributed by the Trustee to fund any deficiency pursuant to subsections 4.09(b)(iSections 4.5(b)(i) and (ii) and then pursuant to subsection 4.11(cSection 4.7(d)., in that order of priority; and
(c) On each Transfer Datethe balance, the Collateral Interest Amount shall be reduced by the amount if any, of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Date. In the event that such reduction would cause the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) to be a negative number, the Collateral Interest Amount (after giving effect to any Collateral Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Investor Interest shall be reduced by the amount by which the Collateral Interest Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) to be a negative number on any Transfer Date, Reallocated Principal Collections shall be reallocated on such Transfer Date in an aggregate amount not to exceed the amount which would cause the Class B treated as a portion of Available Investor Interest (after giving effect to any Class B Investor Charge-Offs for such Transfer Date) Principal Collections to be reduced to zeroapplied in accordance with subsections 4.5(d) and (e).
Appears in 1 contract
Sources: Series 2002 B Supplement (Fleet Credit Card Master Trust Ii)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be to apply by written instruction to the Trustee substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply B, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2014-1 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and ;
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).; and
(c) an amount equal to the Collateral Senior Required Amount, if any, with respect to such Distribution Date shall be applied to fund any deficiency pursuant to subsection 4.05(c)(i) and subsection 4.07(f), in that order of priority; provided, however, that Reallocated Principal Collections shall only be applied pursuant to this subsection 4.08(c) to the extent the Collateral Invested Amount shall be no lower than the Collateral Senior Invested Amount after giving effect to the related reduction in the Collateral Invested Amount. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clauses (b) or (c) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date; provided, however, that the Collateral Invested Amount shall not be reduced below the Collateral Senior Invested Amount in connection with the application of Reallocated Principal Collections pursuant to subsection 4.08(c). In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2006-3 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clause (cb) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2006-2 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clause (cb) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2005-5 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clause (cb) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2005-4 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clause (cb) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to "negative numbers" above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Reallocated Principal Collections. On or before each Transfer Distribution Date, the Servicer shall instruct apply, or shall cause the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw from the Principal Account and apply apply, Reallocated Principal Collections (applying all Reallocated Collateral Principal Collections in accordance with subsections 4.12(a) and (b) prior to applying any Reallocated Class B Principal Collections in accordance with subsection 4.12
(a) for any amounts still owing after the application of Reallocated Collateral Principal Collections) with respect to such Transfer Distribution Date, to make the following distributions on each Transfer Date or deposits in the following order of priority:
(a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2007-2 with respect to the related Monthly Period, Period shall be applied distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in subsections 4.09(a)(i4.05(a)(i), (ii) and (iii); and and
(b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with respect to such Transfer Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge Collections allocated and available to the Class B Certificates pursuant to subsection 4.11(csubsections 4.07(c) and (d) on such Transfer Distribution Date shall be applied first to fund any deficiency pursuant to subsections 4.09(b)(i4.05(b)(i) and (ii) and then to fund any deficiency pursuant to subsection 4.11(cand in the priority set forth in subsections 4.07(c) and (d).
. All Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied prior to applying any such Reallocated Principal Collections with respect to the Class B Invested Amount. Only Reallocated Principal Collections with respect to the Collateral Invested Amount shall be applied pursuant to clause (cb) above. On each Transfer Distribution Date, the Collateral Interest Invested Amount shall be reduced by the amount of Reallocated Collateral Principal Collections and by the amount of Reallocated Class B Principal Collections for such Transfer Distribution Date. In the event that such reduction would cause the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) to be a negative number, the Collateral Interest Invested Amount (after giving effect to any Collateral Charge-Offs for such Transfer Distribution Date) shall be reduced to zero and the Class B Investor Interest Invested Amount shall be reduced by the amount by which the Collateral Interest Invested Amount would have been reduced below zero. In the event that the reallocation of Reallocated Principal Collections would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be a negative number on any Transfer Distribution Date, Reallocated Principal Collections shall be reallocated on such Transfer Distribution Date in an aggregate amount not to exceed the amount which would cause the Class B Investor Interest Invested Amount (after giving effect to any Class B Investor Charge-Offs for such Transfer Distribution Date) to be reduced to zero. References to “negative numbers” above shall be determined without regard to the requirement that the Invested Amount of a Class not be reduced below zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)