Common use of Daily Procedure Clause in Contracts

Daily Procedure. On each day (other than a Run Off Day) in any Yield Period for any Undivided Interest, Servicer shall deem an amount equal to Purchaser's Share of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of Purchaser's Share of such Collections, hold in trust for the benefit of Purchaser an amount equal to the related Earned Discount and related Servicer's Fee accrued through such day and not previously so held for the benefit of Purchaser, (ii) apply an amount equal to the remainder of Purchaser's Share of such Collections (the "Remaining Collections") to reduce the Purchaser's Investment of such Undivided Interest (it being understood that such amount need not be physically paid to Purchaser under this clause (ii)), and (iii) Subject to Section 3.03, after such reduction, (a) apply such Remaining Collections to the Reinvestment, for the benefit of Purchaser, of additional undivided interests in Pool Receivables by recomputation of such Undivided Interest pursuant to Section 2.01 as of the end of such day, thereby increasing the related Purchaser's Investment, and (b) pay to Seller such Remaining Collections. The recomputed Undivided Interest shall constitute the percentage ownership interest in Pool Receivables on such day held by Purchaser with regard to such Undivided Interest.

Daily Procedure. On each day (other than a Run Off Day) in any Yield Period for any Undivided Interest, Servicer shall deem an amount equal to Purchaser's Share of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of Purchaser's Share of such Collections, hold in trust for the benefit of Purchaser an amount equal to the related Earned Discount and related Servicer's Fee accrued through such day and not previously so held for the benefit of Purchaser, (ii) apply an amount equal to the remainder of Purchaser's Share of such Collections (the "Remaining Collections") to reduce the Purchaser's Investment of such Undivided Interest (it being understood that such amount need not be physically paid to Purchaser under this clause (ii)), and (iii) Subject subject to Section 3.03, after such reduction, (aA) apply such Remaining Collections to the Reinvestment, for the benefit of Purchaser, of additional undivided interests in Pool Receivables by recomputation of such Undivided Interest pursuant to Section 2.01 as of the end of such day, thereby increasing the related Purchaser's Investment, and (bB) pay to Seller such Remaining Collections. The recomputed Undivided Interest shall constitute the percentage ownership interest in Pool Receivables on such day held by Purchaser the Administrative Agent, for the benefit of Purchaser, with regard to such Undivided Interest.

Daily Procedure. On each day (other than a Run Off Liquidation Day) in any with regard to each Yield Period for any each Undivided Interest, Servicer shall deem an amount equal to Purchaser's Purchasers' Share (as determined in Section 2.08) of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of Purchaser's Purchasers' Share of such CollectionsCollections of Pool Receivables in respect of such Undivided Interest, hold in trust for the benefit of Purchaser Purchasers an amount equal to the related Earned Discount and related Servicer's Fee accrued through such day for such Undivided Interest and not previously so held for the benefit of PurchaserPurchasers or paid by the Seller, (ii) apply an amount equal to the remainder of Purchaser's Purchasers' Share of such Collections (the "Remaining Collections") to reduce the Purchaser's Investment Purchasers' Investments of such Undivided Interest (it being understood that such amount need not be physically paid to Purchaser the Agent or the Purchasers under this clause (ii)), and, (iii) Subject to Section 3.03, after such reduction, (a) apply such Remaining Collections to the Reinvestment, for the benefit of PurchaserPurchasers, of additional undivided interests in Pool Receivables payable in the Approved Currency of such Undivided Interest by recomputation of such Undivided Interest pursuant to Section 2.01 2.02 as of the end of such day, thereby increasing the related Purchaser's InvestmentPurchasers' Investments, and and (biv) pay to Seller such Remaining Collections. The recomputed Undivided Interest shall constitute the percentage ownership interest in Pool Receivables on such day held by Purchaser the Agent, on behalf of the Purchasers, with regard to such Undivided Interest.

Daily Procedure. On each day (other than a Run Off Liquidation Day) in any with regard to each Yield Period for any each Undivided Interest, Servicer shall deem an amount equal to Purchaser's Share (as determined in Section 2.08) of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of Purchaser's Share of such CollectionsCollections of Pool Receivables in respect of such Undivided Interest, hold in trust for the benefit of Purchaser an amount equal to the related Earned Discount and related Servicer's Fee accrued through such day for such Undivided Interest and not previously so held for the benefit of Purchaser, (ii) apply an amount equal to the remainder of Purchaser's Share of such Collections (the "Remaining Collections") to reduce the Purchaser's Investment Investments of such Undivided Interest (it being understood that such amount need not be physically paid to the Agent or Purchaser under this clause (ii)), and, (iii) Subject to Section 3.03, after such reduction, (a) apply such Remaining Collections to the Reinvestment, for the benefit of Purchaser, of additional undivided interests in Pool Receivables by recomputation of such Undivided Interest pursuant to Section 2.01 2.02 as of the end of such day, thereby increasing the related Purchaser's Investment, and and (biv) pay to Seller such Remaining Collections. The recomputed Undivided Interest shall constitute the percentage ownership interest in Pool Receivables on such day held by Purchaser the Agent, on behalf of Purchaser, with regard to such Undivided Interest.

Daily Procedure. On each day (other than a Run Off Liquidation Day) in any with regard to each Yield Period for any each Undivided Interest, Servicer shall deem an amount equal to Purchaser's Purchasers' Share (as determined in Section 2.08) of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of Purchaser's Purchasers' Share of such CollectionsCollections of Pool Receivables in respect of such Undivided Interest, hold in trust for the benefit of Purchaser Purchasers an amount equal to the related Earned Discount and related Servicer's Fee accrued through such day for such Undivided Interest and not previously so held for the benefit of PurchaserPurchasers or paid by the Sellers, (ii) apply an amount equal to the remainder of Purchaser's Purchasers' Share of such Collections (the "Remaining Collections") to reduce the Purchaser's Investment Purchasers' Investments of such Undivided Interest (it being understood that such amount need not be physically paid to Purchaser the Agent or the Purchasers under this clause (ii)), and (iii) Subject to Section 3.03, after such reduction, (a) apply such Remaining Collections to the Reinvestment, for the benefit of PurchaserPurchasers, of additional undivided interests in Pool Receivables payable in the Approved Currency of such Undivided Interest by recomputation of such Undivided Interest pursuant to Section 2.01 2.02 as of the end of such day, thereby increasing the related Purchaser's InvestmentPurchasers' Investments, and (b) pay to Seller such Remaining Collections. The recomputed Undivided Interest shall constitute the percentage ownership interest in Pool Receivables on such day held by Purchaser with regard to such Undivided Interest.and

Daily Procedure. On each day (other than a Run Off Day) in any with regard to each Yield Period for any each Undivided Interest, Servicer shall deem an amount equal to Purchaser's Purchasers' Share of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of Purchaser's Purchasers' Share of such CollectionsCollections of Pool Receivables in respect of such Undivided Interest, hold in trust (but need not deposit in a separate account or otherwise segregate, except as required by Section 8.02(b)) for the benefit of Purchaser the Purchasers and Servicer, respectively, an amount equal to the related Earned Discount Discount, the Commitment Fee and related Servicer's Fee accrued through such day for such Undivided Interest and not previously so held for the benefit of Purchaserthe Purchasers, (ii) apply an amount equal to the remainder of Purchaser's Purchasers' Share of such Collections (the "Remaining Collections") to reduce the Purchaser's related Purchasers' Investment of such Undivided Interest (it being understood that such amount need not be physically paid to Purchaser the Purchasers under this clause (ii)), and, (iii) Subject to Section 3.03, after such reduction, (a) apply such Remaining Collections to the Reinvestment, for the benefit of Purchaserthe Purchasers, of additional undivided interests in Pool Receivables by recomputation of such Undivided Interest pursuant to Section 2.01 2.02 as of the end of such day, thereby increasing the related Purchaser's Purchasers' Investment, and and (biv) pay to Seller such Remaining Collections. The recomputed Undivided Interest shall constitute the percentage ownership interest in Pool Receivables on such day held by Purchaser with regard to such Undivided Interestthe Purchasers.

Daily Procedure. On each day (other than a Run Off Day) in any Yield Period for any Undivided Interest, Servicer shall deem an amount equal to the Purchaser's Share but not in excess of the Aggregate Purchaser's Share (as determined in Section 2.4) of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of the Purchaser's Share of such Collections, hold in trust for the benefit of the Purchaser or the Bank Investors, as the case may be, of such Undivided Interest an amount equal to the related Earned Discount and related Servicer's Fee accrued through such day and not previously so held for the benefit of Purchaserthe Purchaser or the Bank Investors, as the case may be, (ii) apply an amount equal to the remainder of the Purchaser's Share of such Collections (the "Remaining Collections") to reduce the Purchaser's Investment of 12 13 such Undivided Interest (it being understood that such amount need not be physically paid to the Purchaser or the Bank Investors under this clause (ii)), and, (iii) Subject subject to Section 3.033.3, after such reduction, (aA) apply such Remaining Collections to the Reinvestment, for the benefit of Purchaserthe Purchaser or the Bank Investor, as the case may be, of additional undivided interests in Pool Receivables by recomputation of such Undivided Interest pursuant to Section 2.01 2.1 as of the end of such day, thereby increasing the related Purchaser's Investment, and (bB) pay to Seller the Transferor such Remaining Collections. The recomputed Undivided Interest shall constitute the percentage ownership interest in Pool Receivables on such day held by the Purchaser or the Bank Investors, as the case may be, with regard to such Undivided Interest.