Common use of Application of Collections After the Facility Termination Date Clause in Contracts

Application of Collections After the Facility Termination Date. On the Facility Termination Date and on each day thereafter, the Servicer shall set aside and hold in trust, for the benefit of the Secured Parties, all Collections received on each such day. On and after the Facility Termination Date, the Servicer shall, on each Settlement Date and on each other Business Day specified by the Administrator: (a) remit to the Administrator’s Account the amounts set aside pursuant to the preceding sentence, and (b) apply such amounts to reduce the Aggregate Unpaids as follows:

Application of Collections After the Facility Termination Date. (a) On the Facility Termination Date and on each day thereafter, the Servicer shall set aside and hold in trust, for the benefit of the Secured Parties, all Collections received on each such day. On and after the Facility Termination Date, the Servicer shall, on each Settlement Date and on each other Business Day specified by the Administrator: (ai) remit to the Administrator’s Account the amounts set aside pursuant to the preceding sentence, and (bii) apply such amounts to reduce the Aggregate Unpaids as follows: