Variable Funding Mechanics Sample Clauses

The Variable Funding Mechanics clause defines how the amount of funding available under an agreement can fluctuate based on certain conditions or criteria. Typically, this clause outlines the procedures for increasing or decreasing the credit limit, such as periodic reviews of the borrower's financial status or compliance with specific covenants. Its core practical function is to provide flexibility in funding, ensuring that the lender can adjust the available credit in response to changing risk profiles or business needs, thereby managing risk and supporting the borrower's operational requirements.
Variable Funding Mechanics. Section 4.1 Variable Funding Mechanics 17 Section 4.2 Maximum Principal Balances 19 ARTICLE V. RIGHTS OF SERIES 2009-VFN NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS Section 5.1 Collections and Allocations 19 Section 5.2 Determination of Monthly Interest 21 Section 5.3 Determination of Class A Monthly Principal, Class M Monthly Principal and Class B Monthly Principal 23 Section 5.4 Application of Available Finance Charge Collections and Available Principal Collections 25 Section 5.5 Investor Charge-Offs 27 Section 5.6 Reallocated Principal Collections 27 Section 5.7 Excess Finance Charge Collections 28 Section 5.8 Shared Principal Collections 28 Section 5.9 Certain Series Accounts 28 Section 5.10 Cash Collateral Account 29 Section 5.11 Spread Account 31 Section 5.12 Investment Instructions 33 Section 5.13 Determination of LIBOR 33 ARTICLE VI. DELIVERY OF SERIES 2009-VFN NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2009-VFN NOTEHOLDERS Section 6.1 Delivery and Payment for the Series 2009-VFN Notes 34 Section 6.2 Distributions 34 Section 6.3 Reports and Statements to Series 2009-VFN Noteholders 35 ARTICLE VII. SERIES 2009-VFN EARLY AMORTIZATION EVENTS Section 7.1 Series 2009-VFN Early Amortization Events 35 ARTICLE VIII. REDEMPTION OF SERIES 2009-VFN NOTES; SERIES TERMINATION Section 8.1 Optional Redemption of Series 2009-VFN Notes; Final Distributions 38 Section 8.2 Series Termination 39
View SourceView Similar (2)
Variable Funding Mechanics. Variable Funding Mechanics 19 ARTICLE V. RIGHTS OF SERIES 2009-VFN NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS Section 5.1 Collections and Allocations 22 Section 5.2 Determination of Monthly Interest 25 Section 5.3 Determination of Class A Monthly Principal, Class M Monthly Principal, Class B Monthly Principal and Class C Monthly Principal 28 Section 5.4 Application of Available Finance Charge Collections and Available Principal Collections 29 Section 5.5 Investor Charge-Offs 32 Section 5.6 Reallocated Principal Collections 32 Section 5.7 Excess Finance Charge Collections 32 Section 5.8 Shared Principal Collections 33 Section 5.9 Certain Series Accounts 33 Section 5.10 Cash Collateral Account 34 Section 5.11 Investment Instructions 35 Section 5.12 Determination of LIBOR 35
View Source
Variable Funding Mechanics. Section 4.1 Variable Funding Mechanics 18 Section 4.2 Maximum Principal Balances 21
View Source
Variable Funding Mechanics. The Series 2002-VFC Certificates are a Series of Variable Funding Certificates. Consequently: (a) During the Revolving Period, the Seller may, in its discretion, but subject to the satisfaction of the conditions precedent specified in the Certificate Purchase Agreement, request the then existing Ownership Groups to purchase increases in the Class A Invested Amount, so long as after giving effect to such increase and any related increase in the Class C Invested Amount (i) the Class A Invested Amount will not exceed the Maximum Class A Invested Amount and (ii) the Minimum Principal Receivables Balance (calculated on the date of such increase, as if such date were a Determination Date) shall not be less than the amount of Principal Receivables in the Trust on the first day of the Due Period during which such increase occurs. Automatically upon the payment to the Seller of the aggregate purchase price for any such increase in accordance with the terms of the Certificate Purchase Agreement, the Class Initial Investor Interest of the Class A Investor Certificates shall increase by the amount of that increase, and the Class C Initial Investor Interest shall increase by the amount necessary so that the Class C Invested Amount will at least equal the Required Class C Invested Amount after giving effect to the increase in the Class A Invested Amount. Any such increase in the Class A Invested Amount shall be allocated among the Class A Investor Certificates of the existing Ownership Groups as specified by the Seller in its request for such increase in accordance with the terms of the Certificate Purchase Agreement. The Servicer shall notify the Trustee of any increase in the Class A Invested Amount and Class C Invested Amount concurrently with its request to the applicable Conduit Managing Agents relating to such increase, which notice shall specify what portions of the increase in the Class A Invested Amount have been allocated to each Ownership Group. (b) During the Revolving Period, the Seller may, in its discretion, but subject to the terms of the Certificate Purchase Agreement, instruct the Trustee to issue additional investor certificates of Class A (each such additional certificates, the "Additional Certificates") for the Series established hereby in a maximum invested amount and on the date (the "Additional Certificate Date") determined by the Seller. Upon issuance, the Additional Certificates will be identical in all respects (except that the principal amoun...
View Source
Variable Funding Mechanics. Class A Incremental Fundings. From time to time during the Revolving Period, prior to the occurrence of the Expiration Date, and in any case, subject to the terms and conditions hereof and of the Class A Certificate Purchase Agreement, the Transferor may request and the Class A Conduit Purchasers may, in their sole discretion, and to the extent that any Class A Conduit Purchaser declines to do so, the related Class A Committed Purchasers will make Class A Incremental Fundings. Upon the occurrence of any Class A Incremental Funding, the Class A Invested Amount, the Floating Allocation Percentage, the Class A Percentage, the Subordinated Transferor Percentage, the Invested Amount and the Class A Funded Amount shall increase as provided herein.
View Source
Variable Funding Mechanics 
View SourceView Similar (8)

Related to Variable Funding Mechanics

  • Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including these notes) and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series that provide that the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries.

  • VARIABLE INTEREST RATE The interest rate on this Note is subject to change from time to time based on changes in an independent index which is the the Prime Rate as published in the Wall Street Journal on the first business day of the previous month (the "Index"). The Index is not necessarily the lowest rate charged by Lender on its loans. If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notice to Borrower. Lender will tell Borrower the current Index rate upon ▇▇▇▇▇▇▇▇'s request. The interest rate change will not occur more often than each month, beginning May 1, 2004. Borrower understands that Lender may make loans based on other rates as well. The Index currently is 4.000% per annum. The interest rate to be applied to the unpaid principal balance of this Note will be at a rate equal to the Index, resulting in an initial rate of 4.000% per annum. NOTICE: Under no circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law.

  • Excess Finance Charge Collections Any amounts remaining in the Cap Proceeds Account, the Collection Account and the Payment Reserve Account, to the extent of any Available Series 1998-3 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsection 4.9(a)(i) through (xii) of the Agreement, shall be treated as Excess Finance Charge Collections, and the Servicer shall direct the Trustee in writing on each Business Day to withdraw such amounts from the Collection Account and to first make such amounts available to pay to Securityholders of other Series to the extent of shortfalls, if any, in amounts payable to such Securityholders from Finance Charge Collections allocated to such other Series, then to pay any unpaid commercially reasonable costs and expenses of a Successor Servicer, if any, and then on each Business Day other than the Default Recognition Date, to pay to the Transferor to be treated as "Transferor Retained Finance Charge Collections," and, on each Default Recognition Date, to pay any remaining Excess Finance Charge Collections to the Transferor. Notwithstanding the foregoing, if on any Default Recognition Date the sum of the amount of Available Series 1998-3 Finance Charge Collections (including, all amounts on deposit in the Payment Reserve Account) and Transferor Retained Finance Charge Collections is less than the Series Default Amount for such Default Recognition Date, the Servicer shall apply amounts deposited in the Accumulation Period Reserve Account pursuant to subsection 4.9(a)(xi) of the Agreement and the Spread Account pursuant to subsection 4.9(a)(viii) of the Agreement during the then current Monthly Period in accordance with subsection 4.9(a)(iii) of the Agreement to the extent of such shortfall.

  • Interest and Principal Payments Holders shall be entitled to receive, and Borrower shall pay, simple interest on the outstanding principal amount of this Note at the annual rate of eight percent (8%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Principal and interest shall be due and payable on the Maturity Date.

  • Principal Payments Originator is authorized and directed by SPV to enter on the grid attached hereto, or, at its option, in its books and records, the date and amount of each loan made by it which is evidenced by this Subordinated Note and the amount of each payment of principal made by SPV, and absent manifest error, such entries shall constitute prima facie evidence of the accuracy of the information so entered; provided that neither the failure of Originator to make any such entry or any error therein shall expand, limit or affect the obligations of SPV hereunder.