Common use of Calculation of Daily Remittance Clause in Contracts

Calculation of Daily Remittance. For purposes of calculating the Daily Remittance, (i) all Billed Phase-In-Recovery Charges shall be deemed to be collected the same number of days after billing as is equal to the Weighted Average Days Outstanding then in effect and (ii) the Servicer will, on each Servicer Business Day, remit to the Indenture Trustee for deposit in the Collection Account an amount equal to the product of the applicable Billed Phase-In-Recovery Charges multiplied by one hundred percent less the system wide charge-off percentage used by the Servicer to calculate the most recent Periodic Billing Requirement. Such product shall constitute the amount of Estimated Phase-In-Recovery Charge Collections for such Servicer Business Day. Pursuant to Section 6.11(c) of the Agreement, the Servicer shall calculate in each Monthly Servicer’s Certificate the amount of Actual Phase-In-Recovery Charge Collections for the immediately preceding calendar month as compared to the Estimated Phase-In-Recovery Charge Collections forwarded to the Collection Account in respect of such calendar month. No Excess Remittance shall be withdrawn from the Collection Account if such withdrawal would cause the amounts on deposit in the General Subaccount and the Excess Funds Subaccount to be insufficient for the payment of the next installment of interest or principal due at maturity on the next Payment Date or upon acceleration on or before the next Payment Date on the Phase-In-Recovery Bonds.

Calculation of Daily Remittance. For purposes of calculating the Daily Remittance, (i) all Billed Phase-In-Recovery Charges shall be deemed to be collected the same number of days after billing as is equal to the Weighted Average Days Outstanding then in effect and (ii) the Servicer will, on each Servicer Business Day, remit to the Indenture Trustee for deposit in the Collection Account an amount equal to the product of the applicable Billed Phase-In-Recovery Charges multiplied by one hundred percent less the system wide charge-off percentage used by the Servicer to calculate the most recent Periodic Billing Requirement. Such product shall constitute the amount of Estimated Phase-In-Recovery Charge Collections for such Servicer Business Day. Pursuant to Section 6.11(c) of the Agreement, commencing no later than [month], 2013, the Servicer shall calculate in each Monthly Servicer’s Certificate the amount of Actual Phase-In-Recovery Charge Collections for the immediately preceding calendar month as compared to the Estimated Phase-In-Recovery Charge Collections forwarded to the Collection Account in respect of such calendar month. No Excess Remittance shall be withdrawn from the Collection Account if such withdrawal would cause the amounts on deposit in the General Subaccount and the Excess Funds Subaccount to be insufficient for the payment of the next installment of interest or principal due at maturity on the next Payment Date or upon acceleration on or before the next Payment Date on the Phase-In-Recovery Bonds.