Rights of Securityholders. The Series 1998-2 Securities shall represent undivided interests in the Trust, including the right to receive, to the extent necessary to make the required payments with respect to such Series 1998-2 Securities at the times and in the amounts specified in this Agreement, (a) the Floating Percentage and the Fixed/Floating Percentage (as applicable from time to time) of Collections (including Finance Charge Collections) available in the Collection Account, (b) funds allocable to the Series 1998-2 Securi- ties on deposit in the Excess Funding Account, (c) funds on deposit in the Interest Funding Account, the Principal Account, the Principal Funding Account, the Accumulation Period Reserve Account, the Distribution Account, the Cap Proceeds Account and the Payment Reserve Account and (d) in the case of Class A Securityholders only, the proceeds of any draws on the Policy (for such Series, the "Series 1998-2 Securityholders' Interest"). The Class B Securities shall be subordinated to the Class A Securities. The Class B Securities will not have the right to receive payments of principal other than to the extent of the Class B Invested Amount, until the Class A Invested Amount has been paid in full.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Metris Receivables Inc)
Rights of Securityholders. The Series 19982002-2 3 Securities shall represent undivided interests in the Trust, including the right to receive, to the extent necessary to make the required payments with respect to such Series 19982002-2 3 Securities at the times and in the amounts specified in this Agreement, (a) the Floating Percentage and the Fixed/Floating Percentage (as applicable from time to time) of Collections (including Finance Charge Collections) available in the Collection Account, (b) funds allocable to the Series 19982002-2 Securi- ties 3 Securities on deposit in the Excess Funding Account, (c) funds on deposit in the Interest Funding Account, the Principal Account, the Principal Funding Account, the Accumulation Period Reserve Account, the Distribution Account, the Cap Proceeds Account and the Payment Reserve Account and (d) in the case of Class A Securityholders only, the proceeds of any draws on the Policy (for such Series, the "Series 1998-2 Securityholders' Interest")Policy. The Class B Securities shall be subordinated to the Class A Securities. The Except in connection with the payment of Class B Excess Amounts, the Class B Securities will not have the right to receive payments of principal other than to the extent of the Class B Invested Amount, until the Class A Invested Amount has been paid in full.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Metris Master Trust)
Rights of Securityholders. The Series 19981999-2 1 Securities shall represent undivided interests in the Trust, including the right to receive, to the extent necessary to make the required payments with respect to such Series 19981999-2 1 Securities at the times and in the amounts specified in this Agreement, (a) the Floating Percentage and the Fixed/Floating Percentage (as applicable from time to time) of Collections (including Finance Charge Collections) available in the Collection Account, (b) funds allocable to the Series 19981999-2 Securi- ties 1 Securities on deposit in the Excess Funding Account, (c) funds on deposit in the Interest Funding Account, the Principal Account, the Principal Funding Account, the Accumulation Period Reserve Account, the Distribution Account, the Cap Proceeds Account and the Payment Reserve Account and (d) in the case of Class A Securityholders only, the proceeds of any draws on the Policy (for such Series, the "Series 19981999-2 1 Securityholders' Interest"). The Class B Securities shall be subordinated to the Class A Securities. The Except in connection with the payment of Class B Excess Amounts, the Class B Securities will not have the right to receive payments of principal other than to the extent of the Class B Invested Amount, until the Class A Invested Amount has been paid in full.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Metris Receivables Inc)
Rights of Securityholders. The Series 1998-2 3 Securities shall represent undivided interests in the Trust, including the right to receive, to the extent necessary to make the required payments with respect to such Series 1998-2 3 Securities at the times and in the amounts specified in this Agreement, (a) the Floating Percentage and the Fixed/Floating Percentage (as applicable from time to time) of Collections (including Finance Charge Collections) available in the Collection Account, (b) funds allocable to the Series 1998-2 Securi- ties 3 Securities on deposit in the Excess Funding Account, (c) funds on deposit in the Interest Funding Account, the Principal Account, the Principal Funding Account, the Accumulation Period Reserve Account, the Distribution Account, the Cap Proceeds Account and the Payment Reserve Account and (d) in the case of Class A Securityholders only, the proceeds of any draws on the Policy (for such Series, the "Series 1998-2 3 Securityholders' Interest"). The Class B Securities shall be subordinated to the Class A Securities. The Class B Securities will not have the right to receive payments of principal other than to the extent of the Class B Invested Amount, until the Class A Invested Amount has been paid in full.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Metris Receivables Inc)
Rights of Securityholders. The Series 19982004-2 1 Securities shall represent undivided interests in the Trust, including the right to receive, to the extent necessary to make the required payments with respect to such Series 19982004-2 1 Securities at the times and in the amounts specified in this Agreement, (a) the Floating Percentage and the Fixed/Floating Percentage (as applicable from time to time) of Collections (including Finance Charge Collections) available in the Collection Account, (b) funds allocable to the Series 19982004-2 Securi- ties 1 Securities on deposit in the Excess Funding Account, (c) funds on deposit in the Interest Funding Account, the Principal Account, the Principal Funding Account, the Accumulation Period Reserve Account, the Distribution Account, the Cap Proceeds Account and the Payment Reserve Account and (d) in the case of Class A Securityholders only, the proceeds of any draws on the Policy (for such Series, the "Series 1998-2 Securityholders' Interest")Policy. The Class B Securities shall be subordinated to the Class A Securities. The Except in connection with the payment of Class B Excess Amounts pursuant to Section 4.12(b), the Class B Securities will not have the right to receive payments of principal other than to the extent of the Class B Invested Amount, until the Class A Invested Amount has been paid in full.
Appears in 1 contract
Rights of Securityholders. The Series 19981999-2 Securities shall represent undivided interests in the Trust, including the right to receive, to the extent necessary to make the required payments with respect to such Series 19981999-2 Securities at the times and in the amounts specified in this Agreement, (a) the Floating Percentage and the Fixed/Floating Percentage (as applicable from time to time) of Collections (including Finance Charge Collections) available in the Collection Account, (b) funds allocable to the Series 19981999-2 Securi- ties Securities on deposit in the Excess Funding Account, (c) funds on deposit in the Interest Funding Account, the Principal Account, the Principal Funding Account, the Accumulation Period Reserve Account, the Distribution Account, the Cap Proceeds Account, the Payment Reserve Account and the Payment Reserve Pre-Funding Account and (d) in the case of Class A Securityholders only, the proceeds of any draws on the Policy (for such Series, the "Series 19981999-2 Securityholders' Interest"). The Class B Securities shall be subordinated to the Class A Securities. The Except in connection with the payment of Class B Excess Amounts, the Class B Securities will not have the right to receive payments of principal other than to the extent of the Class B Invested Amount, until the Class A Invested Amount has been paid in full.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Metris Receivables Inc)
Rights of Securityholders. The Series 1998-2 Securities shall represent undivided interests in the Trust, including the right to receive, to the extent necessary to make the required payments with respect to such Series 1998-2 Securities at the times and in the amounts specified in this Agreement, (a) the Floating Percentage and the Fixed/Floating Percentage (as applicable from time to time) of Collections (including Finance Charge Collections) available in the Collection Account, (b) funds allocable to the Series 1998-2 Securi- ties Securities on deposit in the Excess Funding Account, (c) funds on deposit in the Interest Funding Account, the Principal Account, the Principal Funding Account, the Accumulation Period Reserve Account, the Distribution Account, the Cap Proceeds Account and the Payment Reserve Account and (d) in the case of Class A Securityholders only, the proceeds of any draws on the Policy (for such Series, the "Series 1998-2 Securityholders' Interest"). The Class B Securities shall be subordinated to the Class A Securities. The Except in connection with the payment of Class B Excess Amounts, the Class B Securities will not have the right to receive payments of principal other than to the extent of the Class B Invested Amount, until the Class A Invested Amount has been paid in full.
Appears in 1 contract
Rights of Securityholders. The Series 19982002-2 4 Securities shall represent undivided interests in the Trust, including the right to receive, to the extent necessary to make the required payments with respect to such Series 19982002-2 4 Securities at the times and in the amounts specified in this Agreement, (a) the Floating Percentage and the Fixed/Floating Percentage (as applicable from time to time) of Collections (including Finance Charge Collections) available in the Collection Account, (b) funds allocable to the Series 19982002-2 Securi- ties 4 Securities on deposit in the Excess Funding Account, (c) funds on deposit in the Interest Funding Account, the Principal Account, the Principal Funding Account, the Accumulation Period Reserve Account, the Distribution Account, the Cap Proceeds Account and the Payment Reserve Account and (d) in the case of Class A Securityholders only, the proceeds of any draws on the Policy (for such Series, the "Series 1998-2 Securityholders' Interest")Policy. The Class B Securities shall be subordinated to the Class A Securities. The Except in connection with the payment of Class B Excess Amounts, the Class B Securities will not have the right to receive payments of principal other than to the extent of the Class B Invested Amount, until the Class A Invested Amount has been paid in full.
Appears in 1 contract
Sources: Supplement (Metris Receivables Inc)
Rights of Securityholders. The Series 1998-2 3 Securities shall represent undivided interests in the Trust, including the right to receive, to the extent necessary to make the required payments with respect to such Series 1998-2 3 Securities at the times and in the amounts specified in this Agreement, (a) the Floating Percentage and the Fixed/Floating Percentage (as applicable from time to time) of Collections (including Finance Charge Collections) available in the Collection Account, (b) funds allocable to the Series 1998-2 Securi- ties 3 Securities on deposit in the Excess Funding Account, (c) funds on deposit in the Interest Funding Account, the Principal Account, the Principal Funding Account, the Accumulation Period Reserve Account, the Distribution Account, the Cap Proceeds Account and the Payment Reserve Account and (d) in the case of Class A Securityholders only, the proceeds of any draws on the Policy (for such Series, the "Series 1998-2 3 Securityholders' Interest"). The Class B Securities shall be subordinated to the Class A Securities. The Except in connection with the payment of Class B Excess Amounts, the Class B Securities will not have the right to receive payments of principal other than to the extent of the Class B Invested Amount, until the Class A Invested Amount has been paid in full.
Appears in 1 contract